RNS Hotlist October 14: Caracal, Emmerson, Galileo, Neo Energy, 1Spatial, Vast
Those who along with Elon “chopsticks manoeuvre” Musk have not been invited to the UK investment summit today because of their social media posts, may be wondering why those like BlackRock, Aviva and Google will be getting out of it? Perhaps confirmation of how much CGT, IHT or National Insurance will go up in the Budget on October 30, or just for free drinks and canapes at the evening reception at Guildhall. Whatever the case, one wonders who would press the button on investing billions in Britain ahead of the pain us mere mortals will be notified of later this month.
Vast Resources (VAST), the AIM-listed mining company, announces that it has raised £750,000 at a price of 0.1p undertaken by the Company’s joint broker, Axis Capital Markets Ltd. The net cash raised from the Placing will be used to maintain the business to comply with the reorganisation plan at Baita Plai and to have sufficient funds available to see the Company maintain its corporate obligations.
Comment: “if you want to raise money, and no one else can, call Axis.” Yes, said that before. Full marks though to the person on X on Friday who said they could just feel Vast were raising money, a Zaks Traders Café mug is winging its way to you. Obviously, it would have been rude for VAST not to raise cash after last week’s nearly 30% rise. One really hopes this is the last one required for a long, long time.
Raspberry Pi (RPI) announced a “Transaction by a Closely Associated Person”. Thomas Henry Lynn, sold 37,500 shares at £3.79.
Comment: After all the joy and happiness expounded via a recent Investors Chronicle article about how much RPI loves being on the ailing London stock market, we have a share sale. But then again, there are less than 80 shopping days to Christmas.
Neo Energy (NEO), the near term, low-cost uranium developer, announced that it has entered into a binding heads of agreement to acquire a 100% interest in the Henkries South Uranium Project from South African uranium exploration company, Eagle Uranium SA. NEO said that from a technical and geological perspective this acquisition is particularly significant due to its location within the uranium migration pathway, connecting the Springbok granites with the deposition in the Kao paleo channel at Henkries Central and Henkries North.
Comment: In the recent blockbuster interview with Jason “one take” Brewer, it was hinted that NEO was and is a “watch this space” and with the latest acquisition this has proved to be the case. The next leg up for the shares beckons.
Galileo Resources (GLR) said it plans to follow-up previously identified soil geochemical targets on licences PL039/2018 and PL040/2018 located towards the south-eastern basin margin of the Kalahari Copperbelt by undertaking an IP geophysical survey over selected geochemical anomalies to assist in defining drilling targets. GLR said it was pleased to announce commencement of its ground geophysical programme in the Botswana Copperbelt. In the last two years the architecture of the Copperbelt has been subjected to much scrutiny, with new discoveries being made based on various concepts. Its own licences PL039 and PL040 are very prospective, and this programme should help it to delineate drill targets as part of the outcome.
Comment: Shares of GLR look as though they are finally on the move, at least on the right side of a penny. It is all about the KCB proving its mettle.
Emmerson (EML), the Moroccan-focused potash development company, updated regarding the approval of its updated ESIA for the Khemisset Potash Project. As previously announced, Emmerson had been invited to submit the updated version of its ESIA application supported by the new benefits of Khemisset Multi-Mineral Process to the Centre Régional d’Investissement of the region Rabat-Salé-Kénitra for review by the Commission Régionale Unifiée de l’Investissement. Emmerson has been made aware that the CRUI has made an unfavourable recommendation regarding the approval.
Comment: One would assume that the CRUI is off EML’s Christmas card list, if it were ever on it in the first place. The frustration continues at EML, just when it felt like we were due a Man from Del Monte moment for the company. As the Americans would say, can we just get this done already.
1Spatial, (SPA), a leader in Location Master Data Management (LMDM) software and solutions, is pleased to announced its interim results for the six months ended 31 July 2024. Adjusted EBITDA increased 18% to £2.0m (H1 2024: £1.7m). Group Annualised Recurring Revenue (ARR) growth of 7% with a Term Licence ARR growth of 30%.
Comment: Although SPA has not picked up that the market is really not a fan of ARR as a statistic the EBITDA jump and the promise to be in line with FY 2025 market expectations is a good result.
Caracal Gold (GCAT), the East African gold producer with over 1,300,000 oz JORC compliant gold resources, updated on funding. Following the announcement on 1 October 2024 pertaining to the Financing Agreement with Koenig Vermoegensverwal mbH in the amount of US $500,000 and the Loan Agreement with Robbie McCrae, the CEO of Caracal, in the amount of US $100,000 the company confirms that both amounts have been received by the Company. GCAT said the Caracal team, from the Board to management to operations, was drastically reduced, but with the frustration of the 2023 audit behind it, the Cynergy transaction progressing and the 1st mining license in Tanzania approved, the outlook for Caracal is starting to move in the right direction and the company will start to evaluate key appointments across all areas of the business.
Comment: The main plus point at GCAT has been and remains the soaring price of gold since its travails began. This should mean a healthy return once the company finally gets its ducks in a row.
Synergia Energy (SYN) updated regarding the Company’s Cambay PSC joint venture and its carbon capture and storage projects in the UK and India. At Cambay the workover sequence, starting with C-70, will commence after the wells have been subjected to individual pressure gradient surveys during October / November 2024. At the Medway Project in the UK SYN was encouraged by the recent announcement of the £22 billion investment plan to support CCS projects on Teesside and Merseyside by the UK Government. However, the Company’s Medway Hub Camelot CCS project is being planned as a merchant scheme and is not predicated by future UK Government funding.
Comment: A decent, if low key announcement from SYN. But still very much in the travelling rather than arriving mode as far as both the UK and India.
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