Hydrogen Utopia International (HUI), a company specialising in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, announced that Ohrid Organics Ltd’s subsidiary, King Fild DOO had its first commercial medicinal cannabis harvest in North Macedonia. The harvest amounted to 200kg of which 50kg was used to test King Fild’s drying equipment. 150kg of finished goods are now available for sale. A second harvest of approximately 250kg is expected in 2 weeks. HUI said it was delighted with Ohrid Organics’ first harvest, the interest received to date for the medicinal cannabis flowers and King Fild’s first purchase order with a UK distributor. Ohrid’s business plan anticipates building strong relationships with different distributors in various jurisdictions. Ohrid’s success will contribute to the roll out of the first waste plastic to hydrogen facility which has always been and remains its sole focus.
Comment: HUI is not only in focus as a successful RTO situation, but also executing on its ongoing strategy to fund its waste plastic to hydrogen rollout using the proceeds of medical cannabis. Indeed, it would appear with the first commercial deal related to the new harvest, the company is gathering yet further momentum.
Blackbird (BIRD), the technology licensor, announced its audited full year results for the year ended 31 December 2023. BIRD said good progress is being made on the development of elevate.io which went into its early access phase in November 2023 and will move to general release at the end of March 2024. The Board are very excited about the prospects for elevate.io.
Comment: It is not surprising that the BIRD board are excited about elevate, as it could be transformational for the company. In a fast moving space, the sooner BIRD gets on with the general release, the better.
Panther Metals (PALM) the company focused on developing Canada’s next VMS camp and graphite deposit, noted the Panther Metals Ltd (ASX:PNT) Australian Securities Exchange announcement of an updated JORC (2012) compliant 102.8 Mt Mineral Resource estimate for their Coglia Nickel-Cobalt project in Western Australia. PALM also announce an extension to the Obonga Project purchase agreement with Broken Rock Resources Ltd over the Obonga Project in Ontario, Canada. PALM said undoubtedly Panther Australia is looking forward to the proposed Scoping Study as this should highlight to the market the value the company has created in the ground over the last two years at Coglia.
Comment: A double RNS day for PALM, something which reminds us that the shares are still low in the range, and need a fresh positive driver, despite the positive noise in Australia.
Beeks Financial Cloud Group (BKS), a cloud computing and connectivity provider for financial markets, announced its unaudited results for the six months ended 31 December 2023. Revenues increased by 25% to £12.96m (H1 2023: £10.40m). The company also announced a further significant customer win. BKS said it continued to experience strong momentum across its offerings, typified by this latest Proximity Cloud win with a significant new customer, one of the world’s largest banking groups. It remains focused on the continued execution of its land and expand strategy, and it is well-placed to benefit as the global financial markets continues its transition to the cloud.
Comment: BKS has been one of the best share price performers of the recent past, despite many in the market never having heard of the company. This is quite an achievement, given the strong fundamental apparent here.
Empire Metals Limited (EEE), the AIM-quoted resource exploration and development company, announced the preliminary results from the on-going mineralogical and metallurgical studies on the high-grade giant sediment-hosted titanium discovery at the Pitfield Project, located in Western Australia. EEE said it was delighted to report the results of its preliminary technical studies, which demonstrate not only the extraordinary mineralogical nature of this giant, titanium-rich mineral system but also the unique, favourable metallurgical characteristics which offer great promise of a simple processing flowsheet to achieve a desirable, high-value TiO2 product.
Comment: EEE has to date ridden the Pitfield Project momentum, but perhaps there need to be fresh drivers to get the stock back on the right side of 10p.
Greatland Gold (GGP) announced its interim results for the six months ended 31 December 2023. Closing cash position of £12.7 million (30 June 2023: £31.1 million). Loss before share-based payments and finance items of £5.5 million (31 December 2022: £3.5 million); statutory loss of £5.5 million (31 December 2022: £13.3 million).
Comment: Despite the company’s apparent popularity with some serious investors, the shares have almost halved since their December peak, something which takes some doing given record gold price levels currently. The metrics in the interim results certainly require some explaining, as does GGP’s communications strategy. Just gushing about the potential of the company does not seem to cut it any more.
Thor Energy (THR) announced its half-year report. THR said after ending the year with consistent high-grade uranium results from our 2023 drilling program, it was optimistic about our 2024 drilling programs as it continues to strategically position its portfolio towards advancing its ‘green energy’ projects in the US.
Comment: Given the company’s focus on the ultra hot uranium space, it is surprising that the shares remain in the low end of their range. Perhaps the green energy strategy will be a fresh driver.
Argo Blockchain (ARB), a cryptocurrency mining company, announced that it has entered into an agreement for the sale of its data center located in Mirabel, Quebec for total consideration of $6.1 million. ARB said this Transaction demonstrates the Company’s continued commitment to strengthening the balance sheet through a focus on aggressive deleveraging and reducing non-mining operating expenses. It is able to exit the Mirabel Facility with a high multiple on its power capacity, and it also realizes a premium on this real estate asset while maintaining a strong hashrate capacity of 2.7 EH/s.
Comment: Given the way that Bitcoin is just shy of record highs, it is perhaps rather ironic that ARB seems to be having to sell the family silver. One could be forgiven for getting the impression that even at current BTC levels the crypto miner is not making money hand over fist.
Bezant (BZT), the copper-gold exploration and development company, confirmed that it has by an agreement dated 4 March 2024 agreed with Sanderson Capital Partners Limited a long-term shareholder in the Company to extend the repayment date for the £700,000 drawn down under the unsecured convertible loan funding facility entered into with Sanderson Capital on 22 November 2021. The £700,000 drawdown is now repayable by 31 July 2025.
Comment: Sanderson makes a kind and generous gesture to BZT in extending the facility to summer next year. This should give BZT enough time to take the likes of Hope & Gorob forward in a meaningful way.
Firering (FRG), an exploration company focusing on critical minerals, announced that it has completed its 3,000m Reverse Circulation drilling campaign at Atex, its flagship lithium project in Côte d’Ivoire. FRG said it was pleased to announce the completion of our initial RC drilling campaign at Atex. A total of 23 holes were drilled for a total meterage of 3,753m. All samples were sent to Intertek for assaying and it looked forward to reporting the results in the coming weeks.
Comment: The market has a few weeks to look forward to Atex assay results, and hopefully gather some momentum for FRG shares as the lithium market starts to rebound.
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