Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals company, announced the drilling results from the 2023 Navarre Creek exploratory drilling programme in Idaho, USA and an update on feasibility engineering activities at the Empire Mine. PXC said it was pleased to confirm that it has now received and assessed the assay results from the 28 exploratory reverse-circulation drill holes completed at its Navarre Creek project in 2023. Navarre Creek is a vast exploration zone, multiple times larger than the Empire Mine open-pit area. It initially selected four target areas, and it is very encouraging to note that two of those areas have returned mineralization of significance, worthy of further follow-up.
Comment: The logical thought regarding PXC is that with the $80m bond under its belt that the stock should be multiple times its current 19p zone. At least in the meantime the company is expanding its already significant footprint.
Avacta Group (AVCT), a life sciences company, announced the successful completion of the first cohort and dosing of 3 patients in the second cohort in the dose escalation study of Arm 2 of its Phase 1 trial for AVA6000, a peptide drug conjugate form of doxorubicin chemotherapy. In addition, a sub-study utilizing FAPI-PET scanning at baseline has also commenced to further characterize the full burden of FAP-positive disease in patients.
Comment: While FAP-positive disease in patients is all very well and good, perhaps the main question regarding AVCT is whether the shares can remain over 40p?
Celadon Pharmaceuticals (CEL), a UK-based pharmaceutical company, said it has successfully shipped two different medical cannabis products to the United States, representing the Company’s first international commercial supply. The American business is a supplier to a number of different US Government departments, and this initial sale has the potential to grow into a material source of additional revenue. The product has been supplied from the Company’s UK facility. Following the announcement of Celadon’s first European supply contract in November 2023, which has a potential contract value of £26m over three years, today’s announcement demonstrates the Group’s ability to export product and is testament to the growing international demand for Celadon’s high-quality, high Δ-9-tetrahydrocannabinol cannabis products.
Comment: With its shares becalmed around the 100p level, it would appear that the market needs either a little more convincing or reminding that CEL has a brimming pipeline, and is expanding it internationally too.
San Leon (SLE), the independent oil and gas production company focused on Nigeria, announced that the hearing of the petition by Ocean Pearl Maritime SA to wind up one of its subsidiaries, San Leon ELI Limited, has been adjourned by mutual agreement. The final hearing is now expected to take place in July 2024 or shortly thereafter. SLE said it will take all actions to defend the petition and prevail upon Ocean Pearl to work constructively with the Company towards an expedient completion of the acquisition of its 13.5 per cent interest in Energy Link Infrastructure (Malta) Limited.
Comment: It is something of a relief that SLE has been able to kick the petition into the long grass, as well as it having achieved this so quickly after the initial announcement.
PipeHawk (PIP) said it was pleased to announce that it has been awarded a contract with a major aluminium casting provider to deliver a range of assembly and leak testing systems that will be utilised to assemble and test aluminium diecast components. The project will generate revenues of approximately £1.2 million and will take approximately 9 months to deliver.
Comment: Shares of PIP have been stirring in a positive way of late, and now with the chunky £1.2m contract, one knows why.
European Green Transition (EGT), a company developing green economy assets in Europe, announced it has entered into an exclusive option agreement to investigate the potential to develop a peatland carbon sink programme and in turn generate carbon credits at the Altan farm in Donegal, Ireland. EGT said the Altan Option agreement offers EGT the opportunity to generate cash flow in a capital light manner by generating carbon credits. The market for voluntary carbon credits is projected to grow by a factor of 15 or more by 2030 as companies progress towards carbon-neutrality goals, and this agreement offers it an entry point into this high-growth market.
Comment: It has been a solid start for EGT on the stock market since last month, and it finesses this with today’s announcement which highlights the growth and revenue opportunity for the company.
Kodal Minerals (KOD), the mineral exploration and development company, provided an update on project development activities at its Bougouni Lithium Project in Southern Mali. The Project is fully funded following completion of the US$117.5m Hainan funding transaction, with the construction of Bougouni Stage 1 Dense Media Separation processing plant and onsite activity progressing on schedule, ahead of first production planned for the fourth quarter of 2024. KOD said It is pleasing that the manufacture of Bougouni’s long lead equipment is progressing on schedule and that the Kodal Mining UK Limited project team has secured a dedicated part-charter shipment from China to West Africa scheduled to depart in early June 2024.
Comment: KOD fills the recent newsflow void by reminding us how well funded it is, and how smoothly operations are going at Bougouni. The shares appear to be readying themselves for another run at the 0.75p range highs.
Roquefort Therapeutics (ROQ), the Main Market listed biotech company, announced the issuance of unsecured Convertible Loan Notes to raise net proceeds of £584,915, the implementation of significant cost cutting and the restructure of the Board. ROQ said it was pleased to announce this convertible loan note offering. This funding, together with our existing cash and cost reduction plan, provides the Company with sufficient funds for at least the next 12 months independent of any funds we expect to receive from licensing deals. It has also announced deal terms with PDC for its Midkine antibody portfolio earlier today and expect to complete additional and potentially larger transactions in the second half of this year.
Comment: ROQ remains a company with decent promise, and one would assume with the latest funding, deal news and board rejig, the next 12 months could witness the progress the market has been waiting for.
CleanTech Lithium (CTL), an exploration and development company, advancing sustainable lithium projects in Chile for the clean energy transition, announced that the initial batch of 24m3 of high quality concentrated eluate, has now left the Company’s facilities and is in transit to a third-party processor, Conductive Energy, in the USA for conversion to battery-grade lithium carbonate. CTL said the shipping of eluate for processing into battery grade lithium carbonate represents further good progress for the Company, as it advances towards commercial production. When the planned downstream processing is completed, samples of battery-grade lithium will be sent to potential off-takers and investors for analysis, which, along with the PFS planned for later in the year, will support the next phase of the Company’s development.
Comment: CTL continues its recent run of significant positive newsflow, something which should allow for the shares to continue their recovery.
Greatland Gold (GGP) announced that it has been granted a new Exploration Licence E52/4342 (Woodlands) covering 134km2 as the inaugural tenement in the Mt Egerton Project (Mt Egerton). GGP said it was proud of its proven track record of discovery and exploration success, and Mt Egerton presents a further opportunity to put its advanced exploration techniques to work in an under-explored region in pursuit of tier-one gold and copper deposits.
Comment: Thankfully the latest news from GGP has come in the wake of a decent share price recovery, although it is perhaps the soaring gold price which is really doing the trick here.
Aptamer Group (APTA), the developer of novel Optimer® binders to enable innovation in the life sciences industry, announced further agreements for Optimer development with a combined value of up to £275,000 including three of the top ten global pharmaceutical companies. Upon development success, several of the partnerships include the potential for additional follow-on fee-for-service development work and potential licencing.
Comment: Shares of APTA have been stirring in a positive way of late, and today’s news underlines once again the potential that the company has.
Panther Metals (PALM) the company focused on mineral exploration in Canada, announced the completion of a placing raising £375,000 at a price of 4.5 pence. The net proceeds of the Placing will be used to advance the Company’s exploration programmes following our graphite and VMS discoveries on the Obonga greenstone belt in Ontario, Canada and for general working capital purposes.
Comment: PALM understandably takes advantage of the recent strong run its shares with a small raise. Indeed, it probably could have raised significantly more.
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