Marula Mining (AQSE: MARU), an African focused mining and development company, provided an update on its two phase resource drilling and mining program that is ongoing at the Blesberg Lithium and Tantalum Mine in South Africa. MARU said it was pleased with the progress that is being made on this, the Company’s first drilling program across its battery metals portfolio of project. These are exciting developments as it targets the release of a maiden, JORC 2012 Code compliant mineral resource for Blesberg, an independent Competent Persons Report and detailed financial forecasts for the planned open pit hard rock mining plan which it anticipates will commence in early 2024.
Comment: Momentum for Marula is clearly building both in terms of its recent share price, boosted by the “Q Factor”, and the latest news from the company at Blesberg, in the run up to imminent production.
Cellular Goods (CBX), a UK based company pioneering the use of lab-based and biosynthetic production methods for wellness and sustainability solutions, announced its partnership with Chill Brands Group PLC and the forthcoming launch of its ‘Look Better’ skincare range on the online platform, Chill.com, to expand UK and US awareness and distribution of its premium next-generation wellness products. CHLL said it was very pleased to welcome Cellular Goods to Chill.com and look forward to introducing their innovative CBG product range to our US and UK audiences. The continuously expanding range of natural wellness products available on its platform is intended to improve how people look, feel, think and rest – so it is confident that these new additions from Cellular Goods will be a great fit.
Comment: A left field announcement by CBX, as it teams up with another retail investor favourite, Chill. It will be interesting to see whether the combo, nearly as surprising as David Bowie / Bing Crosby, does the business for both participants.
Hemogenyx Pharmaceuticals (HEMO), the biopharmaceutical group, announced the successful completion of the re-manufacturing of an improved lentivirus devoid of splice variants. The company said it was pleased that it has a clear path to the lifting of the clinical hold. It is now working hard to complete the schedule of work set out in the plan presented and agreed to by the FDA and to re-submit the IND as expeditiously as possible to move forward with clinical trials of HEMO-CAR-T.
Comment: It would appear that both the share price and the fundamentals behind HEMO are in the half full category. It will not take much for the company to trigger a fresh rally with the kind of news we have been treated to today.
CyanConnode Holdings (CYAN), just day’s after closing a £2.5m over subscribed placing at 10p with a 1 for 1 warrant at 15p, is today’s announcement that they are the 2nd fastest UK growth company in India. Cyan, supply Omnimesh Modules for India’s Smart meter networks and the pace of roll-out is increasing under a strategic framework agreement signed in February 2023 for 3m and to date 900,000 have been delivered. Its finals to March 2023, reported increased EBITDA loss to £2.9m and the recent funding could move them nearer to break-even as the order pipeline is converted.
Comment: With shares of CYAN coming off year lows last month, the market certainly needs reminding of how well it is doing in one of the world’s fastest growing economies. At 10.5p with a £29.5m mkt cap the price should improve as these orders are closed.
Audioboom (BOOM), the podcast company, announced the launch of AdVet, a new proprietary tool for creators that automates the booking of premium, host-read advertising. AdVet has been rolled out to the top 200 podcasts in the Audioboom Creator Network, following a successful test phase during which transaction times for bookings were reduced by more than 60%. The company said “AdVet is a key component in optimizing revenue across the platform. It removes friction from the ad-sales process, ultimately leading to stronger campaign performance and increased revenue opportunity for Audioboom and its creators. It continues to innovate in ad-tech to ensure it remains the preferred destination for the best creators and advertisers in podcasting.
Comment: Shareholders of BOOM, many nursing positions from near the £20 zone, will be hoping that both most of the sellers are now out, and that initiatives like today’s deliver a lasting rally for the stock.
Powerhouse Energy (PHE) announced that Tony Gardner-Hillman has notified his intention to resign from his position as Non-Executive Chairman and from the Board. Gardener-Hillman said through his tenure he has worked to help the business identify and protect against the challenges it shares with many early-stage businesses and become more robust.
Comment: It seems right that PHE gets a fresh start with a fresh Chairman, particularly the recent pivot into the engineering consultancy space, and given the exit from the Ireland JV with Hydrogen Utopia.
Andrada Mining (ATM), an African technology metals mining company, confirmed the renewal of off-take agreements with the Thailand Smelting and Refining Co. Limited and AfriMet Resources AG for tin concentrate and tantalum concentrate, respectively. ATM said the renewal of the tantalum off-take agreement secures all the Company’s tantalum production and, despite the small tantalum concentrate volumes, the additional revenue will incrementally improve profitability. Producing tantalum adds the second technology-metal to Andrada’s portfolio of products and is a positive step towards participating in the green transition.
Comment: There have been recent positive stirrings as far as the share price of ATM from under 6p, something which seems to be fully deserved given the latest off-take news.
Cobra (COBR), an exploration company focused on the Wudinna Gold and Rare Earth Project in South Australia, announced that, following yesterday’s announcement of the launch of the Placing via the Bookbuild, the Company will raise the maximum amount of £991,300. The issue price of 1 pence represents a premium of 11% to the mid-market closing price of the Company’s shares on 14 November 2023. Additionally, Rupert Verco, Chief Executive Officer and a Director of the Company, Daniel Maling, Non-Executive Director of the Company, and Robert Blythman, Cobra’s Exploration Manager, participated in the Placing. COBR said this will enable it to proceed as 100% owner of the project and dominant holder of palaeo-channel ground in the region. The ionic rare earths discovery made by Cobra in this geological setting is globally significant and as yet vastly underappreciated.
Comment: A near £1m raise is an achievement in itself in current stock market conditions, to do this at a significant premium is a testament to the potential that COBR is sitting on in terms of Rare Earths in particular.
Zephyr Energy (ZPHR). the Rocky Mountain oil and gas company, provided initial third quarter 2023 results related to hydrocarbon production and cashflows from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S. The company said its non-operated assets continue to deliver strong and robust cash flows, allowing Zephyr to continue to fund investment and growth across both our operated and non-operated portfolios. This year’s investment in the Slawson wells is expected to materially boost production rates in the current quarter, and the resulting cashflows will be utilised to deliver additional growth as it intensifies its operational activity.
Comment: Given that ZPHR was formerly very much a stock market darling, it must be frustrating to holders in terms of its share price. It looks as the solution to the impasse will have to be a hike in production.
Atlantic Lithium (ALL), the African-focused lithium exploration and development company, announced that on 7 November 2023, the Company’s major shareholder Assore International Holdings Limited presented a conditional and non-binding offer to acquire all of the shares in the Company that it does not already own, pursuant to a scheme of arrangement, at an offer price of £0.33 per share (A$0.63). ALL said Assore, a major African mining company, has been a leading investor and key contributor to the Company’s success since its listing in London in 2015. It looks forward to maintaining its strong relationship with Assore as we progress Ewoyaa towards production.
Comment: Although it must be tempting for many companies in current stock market conditions to say yes to the few M&A opportunities around, ALL seems to be confident enough in its plans to turn down 0.33p a share – even though this is a decent premium to the current share price. In the good old days when we had a functioning stock market the shares would now trade at or at least near this level off the back of the offer.
Helium One Global (HE1), the primary helium explorer in Tanzania, delivered an operational update. HE1 said the team at site have done an outstanding job working innovatively and proactively to ensure it is able to safely pull the drill string out of the hole. This surpassed all expectations and it is delighted to now be in the position of having commenced wireline operations and planning downhole sampling to fully evaluate the Tai-3 well. Whilst the setback with the rig is incredibly frustrating, it has overcome a number of operational hurdles and remain focussed and confident that when the rig is back up and running, it will be in a stronger position for future wells.
Comment: The big reveal at HE1 has taken so long even the Beatles have managed to get to number one again. The key here perhaps is that the company is fully funded to get over the line – eventually.
Asiamet Resources (ARS) announced a c.$4.0 million (£3,302,019) non-brokered private placement to PT Delta Dunia Makmur Tbk., at an issue price of 0.9 pence per share. Supporting this Placement, Asiamet’s CEO, Darryn McClelland, has subscribed for 4,000,000 new Common Shares on the same terms as the Placement. The pricing terms of the Placement were agreed as a 5.3% discount to the 10-day VWAP, ending 26 October 2023. Net proceeds of the Placement and Subscription will be used to advance the BKM copper project and for general working capital.
Eco (Atlantic) Oil & Gas (ECO), the oil and gas exploration company focused on the offshore Atlantic Margins, announce Government approval of the transfer of 60% Working Interest and Operatorship in the offshore Orinduik Block in Guyana from the Minister of Natural Resources, Cooperative Republic of Guyana. ECO said it was very happy to have support from the Minister of Natural Resources and the Government of Guyana and their approval to transfer 60% of the Working Interest and Operatorship of the Orinduik Block to Eco.
Comment: ECO continues to have difficulty highlighting to the market the attractions of its portfolio. One would hope that today’s news will be the beginning of a reappraisal of the company’s merits.
Insig AI (INSG), the data science and machine learning group, announced the disposal of its legacy subsidiaries, Sport in Schools Limited and The Elms Group Limited for a total consideration of £500,000, as well as a new project win. The company said it was pleased to have disposed of the legacy business at a multiple of more than 25 times historic pre-tax profits. This enables it to fully focus on its machine learning capabilities. In addition, whilst an initial £60,000 customer commitment is welcome, it is excited to now have the opportunity to substantially develop and deepen this new client relationship.
Comment: Executive Chairman Richard Bernstein has been doing characteristically good work at INSG, with today’s news likely to get the shares heading back towards the top of the recent range in the mid 20p’s.
Thor Energy (THR) announced significant uranium drill intercepts at the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan Mineral Belt, southwest Colorado, USA. The company said these are significant uranium results, reflecting the high-grade nature of the uranium mineralisation within the Uravan Mineral Belt. With significant results found well above the Uravan Mineral Belt’s historical cut-off grade, this drilling program strengthens the project’s overall economic outlook. This reaffirms its long-term strategic focus towards the 100% owned USA uranium projects within the Thor portfolio.
Comment: With Uranium one of the hottest commodities around at the moment, it can be said that the latest news from THR is timely. Ideally, this gets shares of the company on the front foot as we head towards the end of 2023.