Powerhouse Energy Group (PHE), a company pioneering integrated technology which converts non-recyclable waste into low carbon energy, noted the recently published press statement from National Hydrogen in Australia and confirmed that it is in discussion with National Hydrogen regarding projects in West Mundijong, Perth, Australia and Singapore. As yet, however, no agreements are in place and no undertakings have been given, and there is no certainty that any formal agreements will be entered into at all. Further information will be provided as and when appropriate to do so.
Comment: It has always been the case that the real take off for PHE would be when a significant entity knocked on the door and said, “we would like as many hydrogen plants as possible.” On the face of it the company has just rather closer to such a scenario according to press reports. The last two sentences are presumably part of the NOMAD RNS cooling system.
Pires Investments (PIRI), the investment company, provided an update on its investment in Sure Valley Ventures Fund 1 in relation to LandVault, a company within the SVV1 portfolio. The company said it was pleased that LandVault has raised additional funding to continue to develop its vision to accelerate the metaverse economy using AI technology. This is a good example of the progress that is being made by the companies within the SVV1 portfolio.
Comment: The disconnect between the good work being done by PIRI in terms of its portfolio, and the market’s perception of the company continues. Nevertheless, today’s announcement serves as a decent reminder that progress continues to be made.
ENGAGE XR Holdings (EXR), a metaverse technology company, hosted an epic Virtual Reality (VR) concert titled “Eat Sleep VR Repeat” in the metaverse starring Norman Cook, AKA Fatboy Slim. The 45-minute concert took place in ENGAGE Link, the Group’s professionally focused metaverse platform. The company said the Fatboy Slim concert demonstrates the versatility and capabilities of VR and how corporations to creatives can build their own worlds within ENGAGE to be used for entertainment, business engagements and so much more. It also shows that VR concerts can be hugely successful, and in the future opens up a new revenue stream.
Comment: It seems rather unfair that even the intervention of Fatboy Slim has not been able to move the dial on the Engage share price so far.
Audioboom (BOOM), the podcast company, announced that Michael Tobin OBE, non-executive Chairman of the Company, purchased a further 1,900 ordinary shares in the Company on 29 March at a price of 415 pence per ordinary share. Following this purchase, Michael Tobin holds 737,000 ordinary shares in the Company, representing approximately 4.5 per cent. of the Company’s issued share capital.
Comment: While one would be sure that shareholders of BOOM welcome any buying by anyone at current levels, one big purchase to get it all over and done with, and allow the possibility of some of the previously much feted M&A rumours, would probably be more appreciated.
Chill Brands Group (CHLL), the consumer packaged goods company, provided an update on the launch of its new range of nicotine-free vapour products. Chill Brands has procured a number of relationships with specialist carriers that will enable the company to provide compliant home delivery of vapour products sold online via Chill.com. These shipping arrangements will allow the company to secure what appears to be a sizeable opportunity to target online consumers who may be underserved by the wider vapour industry.
Comment: Ideally, shares of Chill will be able to finesse their recent doubling from 2p to 4p with the latest news, if indeed the nicotine free vapour products are what the public demands.
Shanta Gold (SHG), the East Africa-focused gold producer, announced the first gold pour at the Singida Gold Mine in Central Tanzania on March 30th 2023, on schedule and on budget. The company said this is a significant milestone and inflection point for Shanta Gold, one that marks our next phase of growth as a 100,000 oz per year gold producer. With first production at Singida completed, the mine will add 45-50% to the group’s annual production profile.
Comment: Of course, we now find out why shares of Shanta have been on the front foot in recent weeks, with the recent gold price strength doing now harm either. This should indeed be an inflection point from the company given the large proportion Singida will make to overall production.
Bens Creek Group (BEN), the owner of a metallurgical coal mine in North America, announces that Ben’s Creek Carbon LLC, has given notice under the terms of its existing agreement with MBU Capital Group Ltd in connection with its acquisition of the membership interests in Ben’s Creek Rail Holding LLC to acquire a further 26% of the membership interests of BC Rail Holding for a cash payment of $169,000. The consideration is being satisfied from the company’s existing cash resources. BENS said as part of the continued effort to create separation between Bens Creek and MBU we have now acquired the majority of Ben’s Creek Rail Holdings.
Comment: Bens relationship with MBU has thus far been closer than many marriages, not necessarily a bad thing. Marriage that is.
UK Oil & Gas (UKOG) announced that construction of Pinarova-1’s drilling pad and access road has now been completed. Drilling to a total depth of around 500-550 metres below surface is now expected to commence in the first half of April 2023 following drilling rig mobilisation. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.
Comment: UKOG has not only been surprisingly active in the recent past, it has been firing on multiple fronts and geographies.
CleanTech Lithium (CTL), an exploration and development company, announced an operations and corporate update as the company continued to progress its projects towards production of battery grade ‘green’ lithium, through Direction Lithium Extraction. The company said as CleanTech Lithium’s momentum continues, moving from the exploration to development stage, we have seen a record level of technical and operational activity over the past few months with six wells being planned, drilled, completed, or tested simultaneously.
Comment: CTL has been a standout among the London market’s coterie of lithium plays, with the strength of the management, and the company’s green credentials backing this positive sentiment to date.
LifeSafe (LIFS), a fire safety technology business, reported that sales growth has continued to exceed the Board’s expectations in the current financial year commencing 1 January 2023, particularly in the United States. The company said it is delighted with the Group’s continuing strong sales growth, particularly in its key US market. The new invoice facility announced today will enable it to meet that growing demand more effectively. It looks forward to providing more detail in relation to its current trading and outlook when it issues its FY22 results next month.
Comment: Given how well LIFS’s fire safety business is currently running, it is perhaps surprising that the share price remains stubbornly near the lower levels. One would assume that this state of affairs may change in the run up to FY22 results next month.
Jersey Oil & Gas (JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, provided an update on the status of the GBA farm-out process. The company said it is in advanced exclusive negotiations with a significant UK North Sea operator. Heads of terms have been agreed for the farm-out of a material interest in the GBA licences to this company and both parties are working towards finalising a fully termed agreement in the near future. An exclusivity period until 30th April 2023 has been agreed.
Comment: The aftermath of today’s announcement could be “the big one” that JOG shareholders have been waiting for. It will be interesting to see whether the market gets behind speculating on a positive outcome.
Rainbow Rare Earths (RBW) announced its unaudited results for the six months ended 31 December 2022. The company noted strong supply/demand fundamentals for permanent magnet rare earths supported by projection that c. 25% of supply will need to come from new projects by 2030. Robust Phalaborwa project economics was demonstrated by the preliminary economic assessment published during the period. The company said it has made very significant progress in the Period with the successful publication of Phalaborwa’s PEA, which underscores the enormous potential of this project. It is now paving the way for near-term production of separated rare earth oxides from Phalaborwa.
Comment: RBW remains one of the leading prospects in its space, at a time of hefty demand for rare earths, a state of affairs which is set to be the case for years to come.
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