First Class Metals (FCM) the UK listed metals exploration company, announced the signing of an Exploration Agreement with the Netmizaaggamig Nishnaabeg First Nation covering the North Hemlo, Esa & Sugar Cube Properties. FCM said it was extremely pleased that the efforts to establish a transparent honest relationship with Netmizaaggamig Nishnaabeg First Nation and their representatives has culminated in the signing of this agreement and it looks forward to working with the Community as it progresses First Class’s exploration areas. Now this EA has been granted it intends to imminently start a stripping program on the Esa Property, with the intention of bringing it to a true ‘drill ready status”.
Comment: Drill ready status continues to be the mantra for FCM, especially after the latest fundraise, and with the First Nation blessing.
Argo Blockchain (ARB), a cryptocurrency mining company, announced that it has appointed Thomas Chippas as Chief Executive Officer and Director with immediate effect. Thomas Chippas, most recently the Chief Executive Officer of CBOE Digital and a former member of its Board of Directors, is a New York-based executive with significant experience in digital assets, technology and financial services.
Comment: Given how well Bitcoin is poised in the run up to the halving and ETF news, Mr Chippas’s arrival and pedigree appear spot on for ARB.
Powerhouse Energy Group (PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announce that Paul Emmitt, Acting Chief Executive Officer, has been appointed full time Chief Executive Officer.
Comment: With recent newsflow and events effectively kitchen sinked, it can be said that Mr Emmitt is stepping up to the plate at PHE at a time when it is likely that things can only improve, if only in share price terms.
Andrada Mining Limited (ATM), an African technology metals mining company, provided an update on the commissioning and first production at its lithium (bulk-sampling) pilot plant along with an update on the Company’s lithium strategy. Commissioning of the Pilot Plant completed successfully with the production of 10 tonnes on-specification saleable lithium concentrate. Production ramp up to 250 tonnes per month is planned during first quarter of the 2024 calendar year. The company said it was pleased by the ongoing negotiations with lithium off-takers that target Andrada’s involvement in all downstream lithium markets, and we look forward to providing further details as these negotiations progress. Overall, it considers the pilot plant serves as a crucial de-risking element in the Company’s lithium portfolio, further bolstering its confidence in Andrada’s lithium strategy.
Comment: A lithium company which is actually producing lithium is clearly a novelty, and should be rewarded as such, especially with ATM shares still relatively low in the range.
Thor Explorations (THX) provided an operational and financial review for its Segilola Gold mine, located in Nigeria, and for the Company’s mineral exploration properties located in Nigeria, Senegal, and Burkina Faso for three and nine months to September 30, 2023. The company said its Q3 2023 gold production of 19,104oz is in-line with its August guidance update of 85,000oz for the full year 2023. It is pleased to have achieved this and to have completed the pushback of the west wall which means that the pit conditions have significantly improved. It is now well positioned to mine more flexibly and efficiently going forwards.
Comment: Another company which has been hiding its light under a bushel, or in this case, under 85,000oz of gold. We look forward to THX upping its game with the market.
Insig AI (INSG), the data science and machine learning solutions company, announced the appointment of Roger Parry as corporate development adviser, with immediate effect. Roger is a highly regarded and experienced business leader with a hugely impressive track record of significantly enhancing shareholder value in both public and private businesses. Executive Chairman, Richard Bernstein commented: “I’m delighted that we have access to Roger’s input, experience and wise counsel. Having recently successfully launched the Transparency and Disclosure Index, we plan to maximise its significant financial potential. Roger is now part of this decision-making process.”
Comment: Mr Bernstein has done an excellent job at revamping Insig. All that is left is for the market to understand exactly what the data science and machine learning solutions are.
Bushveld Minerals (BMN), the integrated primary vanadium producer, announced that it has entered into a conditional agreement to refinance its existing convertible loan notes with Orion Mine Finance, following the Term Sheet agreed in May this year. BMN said the restructuring is a key part of its strategy to restore value in the Company, along with ensuring Bushveld delivers its operational targets, simplifies its corporate structure and refines its investment proposition.
Comment: BMN shares have already been recovering as if its financial rejigging has already been achieved. Today’s news should add to the improvement we have already been seeing for the stock since the summer.
East Star Resources (EST), which is defining mineral resources in Kazakhstan for the energy revolution, announce the results from sampling at the Talovskoye prospect on the Rudny Altai Volcanic Massive Sulphide belt in Kazakhstan. The Talovskoye prospect sits on licence RA1, which is 100% owned by East Star and appears to have many geological similarities to the high-grade current and past producing VMS deposits on the belt. EST said the Talovskoye Cu/Ag prospect is shaping up to be another very interesting target within its VMS portfolio. The detailed mapping undertaken this year has informed its geological understanding and strengthened its view that this is a prospect it should be drilling at the nearest opportunity.
Comment: Judging by today’s sample grades, for once we have a company which is being rather modest about what it has found under the ground.
San Leon (SLE), the independent oil and gas production company focused on Nigeria, provides the following update on the investment of up to $187 million into the Company by Tri Ri Asset Management Corp. SLE said that as previously announced on 2 November 2023, TRAM had confirmed to San Leon that funds were in the process of being transferred to San Leon in respect of the loan facility. TRAM also subsequently confirmed to San Leon that funds had been transferred in respect of the subscription. To date, neither payment has been received by the Company and San Leon continues to work with TRAM to understand the reasons for the delay and to enable funds to be released.
Comment: In these days of Amazon deliveries going next door, and Deliveroo bringing the wrong takeaway, we are used to things not necessarily arriving on time. One can be sure there is a logical explanation for the fiscal tardiness.
Revolution Beauty Group (REVB), the multi-channel mass beauty innovator, noted the recent press speculation regarding potential agreements with the Group’s former Chief Executive Officer (CEO), Adam Minto, and former Executive Chairman, Tom Allsworth. As previously announced on 20 June 2023, the Group announced potential legal proceedings against Mr Minto regarding the events that led to a delay in the audit of the FY22 results and the suspension of the Company’s shares from trading on AIM. Separately, and as previously announced on 31 August 2023, the Board is negotiating with Tom Allsworth, the previous owner of Medichem, to reach a revised agreement on the terms of its acquisition. Revolution Beauty remains in negotiation on both these issues. There is no guarantee that agreements will be reached. Should agreements be reached, they would likely be treated as related party transactions and an appropriate announcement made at that time.
Comment: This is fast becoming a bunfight in the manner of Ernie, the fastest milkman in the west, and Two Ton Ted from Teddington. At least until today we have seen a decent rebound in the stock, which could stretch higher should all or part of the issues touched upon in today’s RNS be addressed. Apparently, the business itself is still robust.
SysGroup (SYS) Interims to September are the, ‘kitchen sink variety’, with an adjusted profit of £0.99m and a statutory loss of £1.1m compared to £1.1m and £0.2m. As the new board lead, by Heejae Chae who owns 14%, formally with the £0.5billion IP Group, takes strategic control with an ‘exciting’ product development and service strategy. This is yet to show in the revenue’s which decreased 10% to £10.96m, but around 80% is reoccurring at this cloud-basedend-to-end data solution provider. The newfocused is on Artificial Intelligence and Machine Learning with an associated investment in a team of ML engineers from AWS, JP Morgan, Validus and McLaren. The debt is £3.4m and a placing to accelerate the growth seems likely to be well supported.
Comments: The shares at 40p and a £29m Mkt Cap are well ahead of the 24p but due to market conditions we will contain our excitement.
Fulcrum Metals (FMET), a company focused on mineral exploration and development in Canada, announced an update on its Saskatchewan exploration assets. The company said the staking and option agreements provides Fulcrum with a significant and highly prospective footprint with critical mass of strategic uranium assets in Saskatchewan, one of the best jurisdictions globally for uranium. The projects are very well placed being on trend with major structures, historical mines and projects that are being developed by well-established uranium companies that have attracted significant investment.
Comment: It is a shame that FMET has not been able to differentiate its excellent exploration credentials from others in the market yet. Sometimes cheap and cheerful is not always the best way in terms of getting the message out in interviews and elsewhere. This is especially the case given how hot uranium is at the moment.
UK listed special purpose acquisition company with a focus on natural resources, Ajax [AJAX], announced its half-yearly results for the 6 months to 31 August 2023, and, in addition, its intention to seek approval from shareholders for an extension of its investment policy, and a one-year extension to the Policy is approved and intends to call a General Meeting during February 2024.
Comment: The world should be its oyster as far as a standard list SPAC looking for a decent RTO. This may explain the recent positive stirrings in the share price ahead of today’s RNS.
Hemogenyx Pharmaceuticals (HEMO), the biopharmaceutical group, announced that its Chimeric Bait Receptor platform can potentially be used in the treatment of cancers, in addition to the viral diseases extensively reported by the Company to date. The company said this is an exciting breakthrough in proving the versatility of our CBR platform, greatly widening its potential use against cancers, in addition to the original pursuit of combatting viral infections.
Comment: If this was a normal market then today’s cancer breakthrough would be massive news for HEMO. It would be transformational of course if we were in the USA.