Reform beat Labour by six votes in the Runcorn by-election, with Labour apparently putting this down to the government not moving fast enough on delivering change. This rather misses the point of the nature of the changes thus far, which broke the promises made in July, and the need for them at all. Labour were lucky to have only lost by a slim margin.
Xtract Resources (XTR) reported further assay results for the second batch of diamond drillholes completed on the Silverking Project located in the Mumbwa District of the Central Province of Zambia. Silverking is subject to an option and JV with Oval Mining Limited, enabling Xtract to earn-in up to a 70% interest in the Silverking copper mine and accompanying exploration licence located in the Mumbwa District of the Central Province of Zambia. XTR reported continued high-grade copper and silver intercepts over significant mineralised widths.
Comment: While the market understandably gave the thumbs up to the first batch of results from Silverking, today’s news should allow its shares to consolidate the latest gains and head yet higher, as the value of the project is underlined.
Shell (SHEL) announced its 1st Quarter 2025 unaudited results. Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins. First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 billion.
Comment: Given the green / woke lay of the land, it is not surprising that RSDB continues to hit bumps in the road, even though a decent proportion of performance metrics remain strong. The UK Energy Profits Levy is a good indicator of what the company has to deal with.
Imaging Biometrics, LLC (IB), a wholly owned subsidiary of IQ-AI Ltd (IQAI), has today applied to the U.S. Food and Drug Administration for ‘Breakthrough Therapy Designation’ for its innovative oral gallium maltolate (“GaM”) therapy. The Phase 1 trial is evaluating oral GaM as a potential treatment for adult patients with recurrent or refractory glioblastoma (“GBM”) IDH-wildtype. Preliminary findings suggest an overall survival of 34.1 months from initial diagnosis.
Comment: Ordinarily, the latest news from IQAI would deliver a 20-30% rally for its shares. However, the shares remain near their lows, and unless the company shouts from the rooftops to accompany the news, this is likely to remain the case.
Kibo Energy (KIBO), announced that its Financial Statements to 31 December 2024 are unlikely to be published by 30 June 2025 as required by the AIM Rules. As advised on its previous RNS of 14 April 2025, the Company is at an advanced stage in its assessment of potential projects that it is considering for acquisition under a Reverse Takeover Transaction.
Comment: It would appear that even when this rather forlorn leopard is attempting to change its spots, the process is not without difficulty as KIBO heads for a not before time RTO reboot.
Prospex Energy (PXEN), the AIM quoted investment company focused on European gas and power projects, updated from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy Limited of its Q1‑2025 activity report. Po Valley Operations Pty Limited, a wholly owned subsidiary of PVE is the operator of the Selva Malvezzi production concession, which has a 63% working interest, while Prospex has the remaining 37% working interest.
Comment: While the market certainly appreciated CEO Mark Routh as a steady and competent pair of hands, there are a lot of moving parts at this company, the “Steady Gross Production and Revenues” announcement notwithstanding.
Gfinity (GFIN) updated on the Company’s progress in the deployment of its exclusive licence agreement with 0M Technology Solutions Ltd to commercialise 0M’s advanced artificial intelligence technology, Connected IQ, which is specifically targeted at the connected video market, and the formation of a new venture, Yentra.AI, which will provide engineering, consulting and training services to companies looking to utilise AI.
Comment: GFIN joins a long line of companies who having tried to ride a previous flavour of the month strategy, have migrated to the latest one, AI. Hopefully, on this occasion the company will not be too late to catch the benefits of this particular bubble.
Kavango Resources (KAV), the Southern Africa focussed metals exploration and gold production company, reported encouraging assay results from its recently completed preliminary resource drilling at Prospect 3 on the Hillside Gold Project in Matabeleland, southern Zimbabwe. KAV said “We are delighted with the drill results at Prospect 3. The higher-than-expected gold grades, in 6 defined mineralised shear zones, present Kavango with a much bigger opportunity than was originally envisaged.”
Comment: KAV certainly has its fans, and among the more professional of London’s coterie of private investors. If nothing else CEO Ben Turney has shown himself to be determined and hard working, something which only a fraction of his peers in the small cap space reveal themselves as being.
Gamma Communications (GAMA), a provider of technology-based communication services across Europe, announced that its ordinary shares will be admitted to the Equity Shares (Commercial Companies) Category of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange at 8:00am today and cancelled from trading on AIM.
Comment: It is interesting that GAMA considered that having the extra kudos of being on the main board was worth all the fees and hassle that such a move would no doubt entail. Presumably with its £1.25bn market cap the company can afford it.
Nuformix (NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announced its unaudited results for the six months ended 31 March 2025. NFX said it continues to believe NXP002 offers a potentially significant treatment of progressive fibrosing interstitial lung diseases (“ILDs”), including idiopathic pulmonary fibrosis (“IPF”) and progressive pulmonary fibrosis (“PPF”), and is focused on generating data and initiating and further developing discussions with potential partners to support its efforts to secure a licensing or option agreement for NXP002.
Comment: Until today, shares of NFX have rallied well over 100% this year, as the market arguably agrees that NXP002 could be a winner. Alas, as its often the case with biotechs, the Achilles Heel is having just under £100k of cash. It may also be the case that the under funding is slowing down the development of the company’s flagship treatment.
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