Rockfire Resources (ROCK), the base metal, precious metal, and critical mineral exploration company, announces that its corporate broker, Allenby Capital Limited, has published a research note on the Company, accessible via the following link: https://www.allenbycapital.com/our-research/?fwp_research_client=453
Comment: Given the recent lay of the land at ROCK, full marks to anyone writing a research note on the company. The September fundraise and bungee jump share price decline will take a while to recover from.
EnergyPathways (EPP), an energy transition company developing low carbon integrated energy solutions in the UK, announced the appointment of an experienced senior engineering project team to oversee the development of its MESH project. EPP said establishing this highly experienced management team for the long term marks a significant milestone for EPP as it transitions the MESH project from concept into operational reality. ‘
Comment: Jobs for the boys looks great for EPP in terms of getting MESH match fit. The question is how much of the good news is in the price after the 4x rally over the past month? It may also be relevant to ask how fast our new government will turn its Net Zero dreams into reality, and at what cost.
Synergia Energy (SYN) announced that it has arranged funding for the initial development of its UK carbon capture and storage project and for general working capital requirements. The Company has completed an equity issue at 0.05 pence to raise of £632,500 through a placing led by Novum Securities Limited (Novum).
Comment: Apart from generating decent commission for Novum, SYN has managed to deliver an update that has offered little apparent change in the status quo. This looks to be a situation where investors will continue to sit on their hands.
ASOS (ASC) revealed its Final Results for the period to 1 September 2024. ASC said it had delivered a significant cash flow improvement: FY24 adjusted EBITDA of £80.1m, at the top end of consensus expectations, and £37.7m free cashflow, a £250.7m improvement year-on-year.
Comment: Despite the positive update today, it would appear that the market has already factored in the recovery, and is looking to see how sustainable the good news will actually be.
EnSilica (ENSI), a chip maker of mixed signal ASICs, announced its audited full year results for the year ended 31 May 2024.Revenues increased by 23% to £25.3 million (FY 2023: £20.5 million) . EBITDA increased by £0.1 million to £1.7 million (FY 2023: £1.6 million). ENSI said it had performed strongly across the full year period and was particularly pleased with its continued new supply contract momentum alongside its solid progress developing its IP portfolio.
Comment: The recent banking facility and a decent update today should have meant that ENSI cleared the 50p zone for good. However, the fact that this is not the case so far suggests that the company needs to blow its trumpet rather more than it has done hitherto.
CleanTech Lithium (CTL), an exploration and development company advancing sustainable lithium projects in Chile, provided an operational update on progress with the Laguna Verde PFS, the 2024 exploration programme and Direct Lithium Extraction pilot plant process work to produce battery-grade lithium carbonate. CTL said progress has continued on central elements of the PFS with evaluation of plant location, power supply and transport options. As a leader in developing DLE based projects in Chile, it aims to enter production in 2027 when the lithium market is expected to rebalance, providing a strong long term growth outlook.
Comment: CTL remains in focus in the run up to its long awaited ASX listing, and given hopes regarding its DLE projects which give it not only a head start in terms of the green aspect, but also in terms of its place with respect to other producers.
EQTEC (EQT), a licensor and innovator of syngas technology for clean conversion of the world’s waste into sustainable energy and biofuels, announced that it has entered into a Collaboration Framework Agreement with Simonpietri Enterprises LLC, a Hawaii-based developer of innovative project solutions to re-use and recycle waste into sustainable products that reduce lifecycle greenhouse gas emissions for the agriculture, energy, and transportation sectors. EQT said it was excited about the potential to develop new know-how and IP together as it collaborates on these innovative waste-to-energy solutions.
Comment: Shares of EQT finally bounced last month, something which could continue, fuelled by the type of RNS updates we have seen today. The key is perhaps as much delivering new IP, as new collaborations such as the latest agreement.
Aferian (AFRN), the B2B video streaming solutions company, provided a trading update for the year to 30 November 2024. AFRN said the Group has continued to win new business and has received increased sales orders in the second half of the year. In line with the Group’s strategy, the key driver for this is the continued demand for improvements to the video streaming experience for consumers across multiple markets. Strong H2 revenue growth – as a result, revenue in the second half of the year is expected to be approximately 20% higher than in the first half. Positive adjusted EBITDA in H2 – revenue growth in H2 plus cost reduction actions taken earlier in the year means that adjusted EBITDA for the second half is expected to be approximately $2 million.
Comment: A decent improved update from AFRN should be enough to deliver a rebound in the stock, something which already started ahead of today’s update. It would be disappointing if the stock did not get back to at least the 200 day moving average area at 6p plus.
Fulcrum Metals (FMET), a company focused on mineral exploration and development in Canada, updated on the Company’s Teck-Hughes and Sylvanite gold tailings projects located in the Kirkland Lake area of Ontario, Canada. FMET said to put it simply the detailed work in progress at the gold tailings projects is delivering. Assay results from additional areas of the tailing orebodies prove abundant gold at surface and new silver and tellurium grades which provide potentially valuable by-products.
Comment: Hats off to Ryan Mee and the team for pushing ahead on the tailings / production front, something which should finally get the FMET share price the rebound it deserves.
Itaconix (ITX), an innovator in plant-based specialty polymers used to decarbonise everyday consumer products, updated on current trading, which is in line with current expectations. ITX said revenues are tracking towards the upper end of its previous revenue guidance ($6.0 to $6.5 million) and gross profit margins for the full year are expected to be in line with previous guidance (at circa. 36%).
Comment: Shares of ITX have jumped well in recent sessions, as if some investors had successfully guessed that the company was going to deliver the kind of improved update we have seen done. Well done. Indeed, the technical target in coming weeks could be as high as 180p.
Gem Resources (GEMR), formerly URA Holdings, provided an operational update on its activities this quarter at the Gravelotte Emerald Mine. GEMR said it was pleased by the progress made during Phase 1 of Gravelotte’s restart, which demonstrates the mine’s potential to resume its historic position as a major source of emeralds. The upgrades and equipment additions will improve recovery rates and minimise production delays. It is currently looking at options to conduct a trial sale in the near future while it continues to stockpile material.
Comment: The market has rather punished GEMR way too hard in terms of its sales timeline, and given little credit for the progress achieved at Gravelotte. One would expect this aberration to be corrected when sales are finally delivered.
Firering Strategic Minerals (FRG), an emerging quicklime production and critical mineral exploration company, announced an operational update with regards to its quicklime project in Zambia, which is being fast-tracked towards the start of phased commissioning in Q4 2024. FRG said the upcoming two months promise to be extremely busy as it work toward the production start target, with a steady stream of news expected. This includes the release of an updated Mineral Resource Estimate as Limeco positions itself to meet the rising demand from Zambia’s growing copper production market.
Comment: The market has already gathered a degree of enthusiasm regarding FRG, a state of affairs which one would consider can only gather momentum as the company heads towards the start of production. One year resistance towards 7p could still be achieved by the end of this year.
IQ-AI (IQAI) said Imaging Biometrics has filed a provisional patent application with the United States Patent and Trademark Office “Gallium Maltolate (GaM) as a Cancer Treatment Agent and Method”. Provisional patents are routinely used to secure an early filing date while an invention is being developed and refined. The Company also reported that the growth in IQ-AI’s revenues, first reported at the time of our Interim Report in August, has continued. The Board now expects that total revenue for the current year will thus be between U$900,000 and U$1million. This expected material year-on-year sales increase (up from U$760,000 in 2023), has primarily been driven by sales of our software solutions.
Comment: Although one suspects few in the market know or are aware of what IQAI does, or has achieved, it is clear this is a turnaround situation, one which is perhaps overdue a share price rebound.
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