First Class Metals (FCM) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings, announced the launch of systematic exploration campaign at the Zigzag lithium project in the Province of Ontario Canada, alongside a general portfolio exploration update. The company said it was pleased with the progress that First Class metals has made this field season, and despite the advance of Autumn there are still two teams out on the ground. It feels it is well on track to achieve the Company’s intentions. Both Sunbeam and Zigzag properties are permitted for drilling and with the support of the First Nations either of these properties or indeed North Hemlo (permit notwithstanding) are veritable maiden drill targets for FCM. Furthermore, the preliminary results from Zigzag have added significantly to its confidence in the property.
Comment: We have a decent flourish to FCM’s activities as it heads into autumn. Getting its Big Four properties to drill ready status has been the aim, with Zigzag currently providing the icing on the cake given the company’s confidence, and obviously the potential.
Audioboom (BOOM), the podcast company, announced its trading update for the quarter ended 30 September 2023. Anticipated return to adjusted EBITDA profit in Q4 2023 through acceleration in revenue and consequently reduced exposure to creator contractual minimum guarantee obligations. BOOM said strong operational progress in Q3 2023 will be recognised through a return to year-on-year and strong sequential revenue growth in the final quarter of the year, as well as a return to adjusted EBITDA profit on a quarterly basis.
Comment: Even the most loyal of shareholders in BOOM might have had the impression that the company has been running to stand still, the share price notwithstanding. We shall see whether the “sequential” (good word) revenue growth will take the company back into the black next year, presumably on the basis of a rebound in advertising revenue?
Tap Global Group (AQSE: TAP), the regulated cryptocurrency app, announced that it has appointed Tennyson Securities as Broker to the Company with immediate effect.
Comment: One would assume that shareholders of TAP will be delighted that the company now has a broker in Tennyson, and one that is spot on for its line of business in the tech space.
Surface Transforms (SCE) a £100m worth of new business is awarded to this manufacturer of carbon fibre reinforced ceramic automotive brake discs from one of the world’s largest car manufacturers. Its for a range of new electric vehicles commencing production in 2027. Phase Three of the plans to increase production to £150m a year are being accelerated. The pipeline order book is £390m which is a lifetime away from June’s Interim turnover of £3m and expectation of stronger H2 following production bottle necks. There was net cash of £4.5m
Comment: Last week’s comment that patience should pay-off seems even more prescient with the shares at 24.75p and a £60m mkt cap.
Chaarat Gold (CGH) the CFO was awarded 5m options at 5p and 1.5m at 20p. The exercise dates are October 2024 and October 2025 which are hardly long time ahead. CGH operations have been a victim of the Russian war and recently deposed of its goldmine in in Kapan Armenia, to focus on assets in various stages of development in the Kyrgyz Republic (independent from Russia since 1991, and near to China). It has a $5m working capital facility and received $5m from the Kapan sale, which should be sufficient operating funding to Q3 2024 and the completion of its financed first phase development of Tulkubash, Kyrgyz which should determine the gold exploration potential. The Resource Estimate is for proven and probable Reserves of 28.5MT with the grade at 0.8 AU 6gt for 789AuEq (koz) .
Comment: At just off its lowest ever price at 3.4p with a £23m Mkt Cap it seems option money.
Tristel (TSTL), the manufacturer of infection prevention products for hospitals, announces its audited preliminary results for the year ended 30 June 2023, showing strong revenue growth from continuing products well ahead of internal growth targets. The business continues to be profitable with high gross margins and remains both debt free and cash generative. The company said hte enormous achievement of the year has been the FDA approval, which enables it to enter the largest healthcare market in the world. It will also be able to leverage the significance of an FDA approval in countries that look to the USA regulator for their own practice. This includes Central and South America. It now has the opportunity to establish a global footprint for our products and technology.
Comment: World domination may be a common theme in James Bond movies, but a real possibility for Tristel.
Orosur Mining (OMI), the minerals explorer and developer operating in Colombia, Argentina and Brazil, announced that as a continuation of the Company’s strategy of securing high quality mineral exploration opportunities in key jurisdictions, the Company has signed a JV agreement to explore a number of exploration licences across Nigeria which the Company considers to be highly prospective for Lithium mineralisation. OMI said it has been examining entry into the lithium space for several years, but as with our other projects, it has pursued an early stage, low entry cost strategy, based upon detailed geological understanding of the local mineralising systems.
Comment: We have seen many companies of late getting in on the lithium bandwagon. It is to be hoped that OMI’s move in the direction gives a helping hand to its share price.
Tertiary Minerals (TYM) said that following the recent release of soil sampling results from the C1 target area at its Mushima North Copper Project in Zambia, the Company is now pleased to report further positive portable X-Ray fluorescence analytical results from targets A1 and A2. TYM said it was delighted to be announcing the delineation of a second large soil anomaly at Mushima North. This is another compelling drill target. The discovery of outcropping copper mineralisation elsewhere on the project highlights the potential for new discoveries that may not necessarily give a soil response.
Comment: TYM finesses its recent share price and sentiment reboot, with decent news from Zambia, via XRF analysis.
Falcon Oil & Gas (FOG) announced that drilling operations on the Amungee NW 3H well in EP98 have been successfully completed with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited. The company said it was delighted to have successfully completed the A3H horizontal well section and are very encouraged by the drilling days achieved by H&P in reaching TD at A3H and the cost reductions recorded relative to A2H. We now look forward to the next phase of operations in the Beetaloo with the stimulation and extended production testing of SS1H commencing in November.
Wildcat Petroleum (WCAT), a company targeting investment opportunities in business and assets within the upstream sector of the petroleum industry, announced the placing of 375,000,000 new ordinary shares at a price of 0.12p raising, £450,000, (£393,750, net of expenses). WCAT said the Company is delighted to have raised additional funds in difficult market conditions. These net proceeds of the over-subscribed placing will be used to strengthen the balance sheet and provide the Company with sufficient working capital whilst it works towards a production sharing agreement with the Sudanese government.
Comment: The discount here was enough to scratch out the eyes of holders, but presumably cat nip if you are a broker. It is to be hoped the company gets itself over the line in Sudan with this funding.
Pensana (PRE) announced that Chairman Paul Atherley met recently with Nusrat Ghani, Minister of State at the Department for Business and Trade and Cabinet Office, to discuss the potential UK and US Government support for the Saltend project. PRE said the meeting highlighted that the successful development of the $250 million Saltend project would be an important step in supporting the UK automotive supply chain, which employs over 780,000 people, as it transitions to electric vehicles.
Comment: Mr Atherley always has been and continues to be an excellent networker. Perhaps now that HS2 has been curtailed there will be more cash for Saltend.
Helium One Global (HE1), the primary helium explorer in Tanzania, announce that drilling on the Tai-3 well has successfully recommenced. HE1 said its remains resilient and continue to proactively address any hurdles it encounters. It very much looks forward to drilling ahead into its target reservoirs at Tai-3 over the coming days.
Comment: With only days to wait for helium to gush out of the ground, HE1 shareholders will have their balloons on standby. Interesting that there was a little bounce in the stock at the end of the week ahead of today’s news.