Ajax (AJAX), the UK listed SPAC with a focus on natural resources, provided an update on its target identification for opportunities with significant natural resource exploration, development, and production potential. The company said it is currently evaluating a selection of acquisition opportunities, ranging from early exploration to near-term production, located in Canada, USA, Zambia, Namibia, and Botswana. These assessments remain strictly at the review stage. Its strategy has the objective of creating shareholder value by developing a portfolio of assets that can generate revenue within 12-18 months of acquisition, as well as holding exploration opportunities with long-term mineral potential.
Poolbeg Pharma (POLB) a biopharmaceutical company, announced its audited results for the year ended 31 December 2022. The company said as it reflects on Poolbeg’s accomplishments in 2022, it is delighted with the progress made in its pipeline development, clinical programmes, and AI drug discovery programmes. Its strong cash position, coupled with the excellent data achieved in its LPS human challenge trial for POLB 001, positions it well for 2023 as it works towards its first partnering transaction. It remains committed to disciplined capital allocation, cost-effective R&D, and strategic partnerships, as it continues to pursue its goal of becoming a one-stop-shop for pharma and biotechs seeking products to in-license.
Comment: POLB has indeed made great progress over the past year, with it being able to finesse the transition from pandemic times back to “normality.” The big driver for 2023 could be the AI drug discovery programmes, given the way that AI is right on the zeitgeist currently.
Caracal Gold (GCAT), the East African gold producer, confirmed ongoing delivery of high-grade ore from the high-grade zone in the Kilimapesa Hill deposit to the Milling plant. The company said it has been 20 days since we started mining and processing ore from the Kilimapesa Hill high-grade zone and the team are pleased with the results across the board from the exploration to the mining and to the processing. At the Milling plant the focus Is to increase the tonnage from 360tpd to 500tpd over the next few weeks.
Comment: Kilimapesa was always supposed to be GCAT’s flagship, and this is now proving to be the case, ironically after some weak handed investors lost patience with the company. The chances now are that the company re-rates to where it was before some in the market were wrong-footed by the waiting game – now finally over.
KR1 (KR1:AQSE), a digital asset investment company, announced that the company has invested a total of $500,000 into Hydra Ventures (Cayman), LLC in return for 5,000 HYDRA tokens. Hydra Ventures is a newly launched investment DAO (Decentralised Autonomous Organisation) focusing on supporting and incubating investment DAOs across the web3 ecosystem. KR1 said it is excited to join Hydra Ventures, who are taking a unique approach to support investment DAOs and promoting the growth of the web3 ecosystem. As the DAO landscape continues to evolve and specialise, a ‘fund of funds’-style DAO becomes increasingly relevant.”
Comment: Anyone wishing to know what the latest trendy acronym / concept in the world of digital assets need look no further than KR1. For today’s lesson we have DAO. Of course, everyone already knows about web3…
genedrive (GDR), the point of care molecular diagnostics company, announced that the UK’s National Institute for Health and Care Excellence (NICE) has ratified and finalised its recommendation following a public consultation process that the Genedrive® MT-RNR1 ID Kit can be used by the NHS. The company said the review was conducted through NICE’s Early Value Assessment (EVA) programme, which was designed to select and recommend new technologies that will make a real difference to patients and provide the most value for the NHS.
Comment: The price action of Genedrive has indicated that the company was / is on the front foot, and this idea has been vindicated today. Receiving the thumbs up from NICE is no mean feat, and perhaps even more important a boost for the NHS’s long suffering patients.
TomCo Energy (TOM), the US operating oil development group, announced that the company has obtained an unsecured committed facility of up to £1,000,000 via a convertible loan note instrument and associated subscription and put option agreement entered into with certain subscribers introduced by Novum Securities Limited, the company’s broker. The company said this Convertible Loan facility provides the company with the flexibility to have financing available to drawdown whilst it seeks to finalise negotiations with a potential financing partner for a funding package that, if secured, would enable the company to execute on its development plans for Greenfield and the TSHII site.
Comment: If nothing else with TomCo’s news today, we are reminded that even in current straightened times one can rely on the good people of Novum to get a raise over the line.
Orcadian Energy (ORCA), the low-emissions North Sea focused oil and gas development company, announce its unaudited results for the six months ended 31 December 2022. The company said the second half of 2022 was dominated by political and fiscal turmoil. We all hope for calmer waters in 2023. Its absolute focus is to find a farm-in partner or a new owner for Pilot and its intention is to elicit offers during 2Q and 3Q of 2023 so that a new operator can take the project forward; a project which will help deliver a secure transition for the UKCS.
Comment: 2022 really was an annus horribilis for Orcadian, and it is perhaps correct to assume that 2023 could be no worse. What may help the situation is that ORCA’s market cap under £5m is so low that a farm-in partner / new owner should find this situation attractive.
Great Western Mining Corporation (GWMO), which is exploring and developing gold, silver and copper targets in Nevada, provided an operational update. The company said its near, medium and longer term objectives remain (1) completing the mill facility and bringing it on to production (2) continuing the search for precious metals and pinning down a discovery for development and (3) ensuring that the potential upside of the company’s copper prospects is maximised. Importantly, once the mill is producing it will become a revenue and cash generating business.
Comment: GWMO really would be transformed by a producing mill, something which the market certainly has not factored into the share price so far.
Cobra (COBR), a gold, rare earth and IOCG exploration company, announced the completion ahead of schedule of Reverse Circulation drilling focused on gold resource expansion. The company said McLeod Drilling has now mobilised an Aircore drilling rig to site and has commenced drilling, targeting rare earth resource expansion and other objectives. It expects expect results to materially contribute to a gold resource update later in the year.
Comment: It would appear that Cobra is on the runway to a decent gold resource update, something which should be reflected in the valuation, sooner rather than later. This is especially so given the way that the shares are currently trading at a third of where they were at the beginning of last year.
Technology Minerals (TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announced that its 48.25% owned battery recycling business, Recyclus Group Ltd, has been awarded funding of £1.96m from the UK Government’s Innovate UK, to create a mobile battery recycling system capable of safely handling any type of lithium-ion battery.
Comment: It will be interesting to see whether nearly £2m in the kitty will finally move the dial as far as the recent downtrend in TM1 shares, as it should.
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