Golden Metal Resources (GMET), a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, announced the results of a high-resolution soil geochemical sampling survey completed over its 100% owned Garfield Project located within the prolific Walker Lane Mineral Belt in Nevada, USA. The company said that while its admission to trading on AIM was completed less than two weeks ago, its exploration forward mandate at Golden Metal should be apparent with the release of these very positive results from Garfield, which have far exceeded its original expectations. It said is important to note that the main focus remains on Pilot Mountain (tungsten) followed by Golconda Summit (gold), however, the results presented today should clearly highlight the depth, as well as quality, of its overall combined project portfolio.
Comment: As promised, we see GMET hitting the ground running so soon after its stock market listing. What is also noticeable, and what investors always keep a keen eye on, is the scale of exploration results from Garfield.
Hummingbird Resources (HUM) announced the start of the hot commissioning phase at the Kouroussa gold mine in Guinea, the next step being first gold pour, which is expected within this quarter, Q2 2023. The company said the commissioning phase of the Kouroussa mine is performing well and reached another important milestone with the commencement of the hot commissioning phase, ahead of the first gold pour. While commissioning of the plant continues and nears its final stages, its operations team is preparing Kouroussa to become fully operational with the intention to reach commercial and name plate production in the second half of 2023.
ATOME Energy (ATOM), the international green hydrogen and ammonia project development company, announced an update of its Villeta Paraguay project and the subscription by Baker Hughes to become both a shareholder in the company and a technology partner for the Villeta project. The company said that at the same time as its exciting move downstream, ATOME welcomed Baker Hughes as a shareholder. The strategic investment of Baker Hughes in its company is an example of the growing recognition of industry players in the potential of its industrial scale green projects across the energy and fertiliser sectors and is a vote of confidence in ATOME’s management and business.
Comment: ATOME has been a strong play since the dip in March last year. The investment by Baker Hughes is clearly a major thumbs up for the company, and should underpin it especially in terms of credibility amongst industry peers, and investors.
Nuformix (NFX), a pharmaceutical development company, announced its unaudited results for the twelve months ended 31 March 2023 following the change in the company’s accounting reference date from 31 March to 30 September. The company said its interim report demonstrates the company is continuing to generate value-adding data for its lead programmes whilst further optimising its operational costs. For NXP002, its pre-clinical strategy has delivered consistently positive results that allow it to tell a complete pre-clinical story to potential licensing partners for the first time and demonstrate that inhaled treatment of IPF via NXP002 is a viable concept. Its near-term goals focus on its NXP002 programme, as it continue to generate robust data to support its out-licensing objectives, all achievable using existing funds thanks to its lean operational model which will continue to operate. It is greatly encouraged by its recent work in close-to-patient human tissue models, in particular the new data supporting NXP002’s duration of action and Target Product Profile.
Comment: It is clear that Executive Director Dan Gooding is running a tight ship and keen to deliver a turnaround for the company via NXP002. His return to the fray could see the company regain the strong position it had prior to his departure.
Coro Energy (CORO), the South East Asian energy company, announced its final results for the year ended 31 December 2022. The company said the Operator of the Duyung PSC announced it had engaged a global investment bank with a proven track record in similar transactions to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC. The Operator advised bids are expected to be received during the second quarter of 2023. Coro may participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement. Coro may also entertain a full exit, depending on the terms offered. Naheed Memon joined the board as a Non-Executive Director with Mark Hood stepping down.
Comment: The arrival of Oracle Power’s Naheed Memon comes at a key time for Coro, in the run up to the farm down process. This needs to be something that delivers a fundamental win for the company, especially in terms of turning around the share price.
Helium One Global (HE1), the primary helium explorer in Tanzania, announced that the company has completed an independent verification of the prospective resources at the Tai Prospect . The evaluation of the total gas and helium prospective resources, and completion of a competent person’s report for the Tai prospect has been carried out and issued by reserves auditors ERC Equipoise Ltd. The company said it was very pleased to have carried out this independent report as it provided it with a robust view of its drill ready prospect. Its team has undertaken a huge amount of detailed technical work over the past two years and it is very confident that the Tai prospect gives it the best chance of proving up helium in the Rukwa Basin. With a substantial increase prospective resource and a Geological Chance of Success similar to that which was concluded in the previous CPR, it remains encouraged that Tai is still its best prospect in its Rukwa Basin portfolio.
Comment: HE1 shares have been recovering in the past couple of months, and it would appear that the new CEO is accelerating the company, in terms of the Rukwa Basin and proving it up as promptly as possible.
Kinovo (KINO), the specialist property services Group, announced contract wins. The company said it was delighted that its positive momentum of contract wins has extended into the new financial year. It continues to submit and win high quality bids in specialist areas that underpin its organic growth plan and its FY24 expectations. With a strong pipeline of opportunities, it is confident it will maintain this momentum not only this year but over the medium to long term.
Comment: Shares of Kinovo have already been trading near their year highs, something which the latest news should underpin. This is particularly given the latest guidance regarding the company’s 2024 pipeline.
Cora Gold (CORA), the West African focused gold company, announced its final audited results for the year ended 31 December 2022. The company said 2022 has been a significant year for Cora as it approaches construction readiness at its Sanankoro Gold Project. The bulk of its attention focused on the delivery of its Definitive Feasibility Study and Optimised Project Economics. This work underlined the robust technical and economic fundamentals of the Sanankoro Project and highlighted in particular the potential strong free cash flow of US$71.8 million in the first full year, based on a US$1,750 gold price.
Comment: While (as usual) the market has not woken up to what has been achieved at Cora, it is clear that it is on its way to be a significant producer via the Sanakoro Project.
Zinc Media Group (ZIN), the brand and audio production group, announced that it is partnering with Idris Elba’s Green Door Pictures and Sabrina Elba’s Pink Towel to make PAID IN FULL: The Battle for Payback (working title) for public broadcasters CBC (Canadian Broadcasting Corporation) and the BBC. Idris Elba, CEO, Green Door said that this is a story that touches all.
Comment: It may be argued that with any production company, there is a transformational deal that takes it to another level. In the case of Zinc, the latest with Green Door / Pink Towel looks like it will be the one. Of course, any chance to quote Idris (the next James Bond) is also welcome.
Shanta Gold (SHG), the East Africa-focused gold producer, announced an exploration update at its assets in Tanzania and Kenya. The company said that with the successful ramp-up of Singida to full production, it is confident in its ability to responsibly allocate capital to high impact exploration programmes across our asset portfolio. Although only 8 weeks in, Singida is performing ahead of expectations and gold production is promising. It has now completed two gold shipments from Singida and the mine is free cash flow positive. It expects to announce drilling assay results beginning in July and updates to our reserves and resource estimates throughout Q3 and Q4.
Comment: Shanta has been riding the recent positive gold price momentum, and mirroring it with its fundamental progress. Ideally, the gold price remains at $2,000 by the time the company updates its reserves and resource estimates later this week.
BSF (BSFA), a company focused on unlocking the next generation of biotech solutions, announced that its 100% owned subsidiary, 3D Bio-Tissues Ltd, has secured its first distribution agreement and three new customers for its patented City-MixTM supplement. It is delighted with the considerable commercial progress it has achieved with our flagship City-MixTM product in such a short space of time. City-MixTM eliminates the need for animal-derived serum, meaning that cultivated meat is produced without any animals suffering in its production.
Comment: The prevention of animals suffering is a key as far as artificial pork chop maker BSF. That said the greenies may also be looking at CO2 issues, while the rest of us may be concerned about the fate of our local butchers. It remains the case that if BSF was listed in the USA, it might be rather more loved than even here in the UK so far.
Ondo InsurTech (ONDO), the London-listed leader in claims prevention technology for home insurers, announced that on June 6th Portsmouth Water and Ondo will jointly reveal the results of the LeakBot pilot program at the Water Industry Spring Innovation Knowledge Showcase event. ONDO said the findings from the Portsmouth Water pilot are significant for the Water industry and especially with regards to OFWAT’s desire to reduce household water demand. Sharing these results is the first step, it hopes, in LeakBot being able to make a significant contribution in delivering this important environmental benefit across England and Wales.
Vinanz Limited (AQSE: BTC), the London listed Bitcoin mining company, announced it has contracted First Sentinel, the company’s Aquis Corporate Adviser, to advance an application to join the OTCQB Market in the United States. BTC said First Sentinel are uniquely placed in the UK as being the UK’s only certified OTC Markets sponsor. They also know its file extremely well, having assisted greatly with the company’s recent listing on Aquis. So, it makes logical sense for Vinanz to engage with First Sentinel to apply to have its shares trade on the OTC Markets in the US.
Comment: An OTC listing can and very often is very helpful to the cause as far as UK listed companies, if only on the basis that it provides access to extra, larger liquidity pools. This may especially be the case for Vinanz, given that its offering is by definition more USA markets friendly than most.
Thor Energy (THR) announced that it will be holding a shareholder update evening and presentation on Monday, 5 June 2023 at 18:00hrs until 19:30hrs at Balls Brothers, Mincing Lane, London EC3R 7PP. The company said Nicole Galloway Warland, Managing Director and fellow Directors of Thor welcomes the opportunity to host the evening, to discuss work programmes for 2023.
Comment: Be there or be square. Worth going just for the pies, and Thor, of course.
Oscillate (MUSH) said it has considered a number of options for the future of the Company. It has been the absolute and overarching strategic priority of the Board to preserve Oscillate’s cash balances whilst it evaluated investment and RTO opportunities, such as the Hi55 Ventures acquisition, which the company abandoned in March 2023. The company advised that the current share suspension will be lifted at the opening of market trading, at 8.00 a.m. today. It will then allow shareholders a vote at the next AGM to decide whether to continue to seek a RTO or return cash to shareholders.
Comment: One rather hopes that shareholders decide to keep MUSH going as a RTO deal searching machine, especially that one would imagine that there will be more and more bargain basement opportunities as the cost of living crisis progresses.
Catenae Innovation (CTEA), the AIM quoted provider of digital media and technology, announced, at a court hearing on Friday 19 May 2023, it successfully defended an attempt by two of the minority shareholders of Hyperneph Software Limited to seek Summary Judgment in the claim against the company and to strike out the company’s counterclaim. CTEA said it will shortly be seeking to obtain directions to a trial at which it will continue to defend the claims made against it robustly whilst seeking to successfully bring its counterclaim to a successful outcome.
Comment: This RNS is perhaps the first truly positive one for CTEA for the longest time. It is to be hoped that the group can move on to focus fully on its business strategy rather than going to court.
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