OptiBiotix Health (OPTI) announced that Graham Myers, Finance Director of the Company, has notified the Company that he will step down from the Board on 30 November 2024. David Blain will join the Company as acting Finance Director on 1 November 2024. Mr Blain’s appointment to the Board of the Company will be subject to normal regulatory due diligence.
Comment: As we look forward to the denouement regarding OPTI and ProBiotix (AQSE:PBX) we see some shuffling of the management pack. One hopes it is not a deckchairs on the Titanic job.
Artemis Resources (ARV) updated on the planned drilling of the Lulu Creek prospect in the Pilbara region of Western Australia. ARV said it was excited that we is close to drilling the targets at the Lulu Creek prospect. The pathway to obtaining clearance was a long but successful one and it is very pleased to have the support of the Ngarluma Aboriginal Corporation to undertake this activity. It is looking forward to getting the drill rig spinning and will keep the market updated as to its progress.
Comment: ARV reminds the market that it could be a dark horse in terms of the London market’s coterie of exploration minnows. If it is, it could be described as the strong, silent type, given the relative lack of promotion – apart from here of course.
Manx Financial Group (MFX), the holding company providing a range of diversified financial services to the Isle of Man and United Kingdom, notes that Edison Investment Research Limited, a global leader in research and investor relations, have now published their detailed commentary on the Group’s unaudited Interim Results for the six months to 30 June 2024. The report, commissioned by the Group, can be found at: Manx Financial Group – Well prepared for potential headwinds – Edison Group.
Comment: One wonders how much traction companies actually get from commissioned research, especially given the way that many in the market are somewhat cynical of this type of exercise, and perhaps would prefer that the companies themselves, or their brokers, bang the drum.
Ecora Resources (ECOR) issued a trading update for the period 1 July to 30 September 2024.ECOR said that following a solid performance in Q3, the Group reported US$5.2 million of portfolio contribution. Importantly, underground operations at Voisey’s Bay are ramping up with total deliveries in H2 on schedule to at least double the number received in H1. The number of cobalt deliveries is anticipated to continue to increase throughout 2025 ahead of full steady state production being achieved during 2026. This will see Voisey’s Bay become a cornerstone asset for the Group, offering leverage to a recovery in cobalt prices from current cyclical lows.
Comment: ECOR shares should perhaps be doing rather better than they have so far this year, so far down 35%, versus down 33% last year. There is a need to deliver the kind of solid news the company is flagging for 2025.
EDX Medical Group (AQSE:EDX), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, announces that the Company has received a strategic investment of £300,000 from a private investor at a price of 11p per share. The investment in the Company at a premium of 22 % on the current market share price will be used to support the expansion of EDX Medical’s capabilities and operations.
Comment: A steady share price has allowed EDX to raise cash on a regular basis. While the situation is certainly underpinned by the presence of Professor Sir Chris Evans, we are probably looking forward to operational / sales progress to really get things going.
Ondine Biomedical (OBI), the Canadian life sciences company pioneering light-activated antimicrobial treatments, confirms that King’s College Hospital (KCH) will be running a pilot of its Steriwave® light-activated antimicrobial technology. KCH, a globally recognized leader in healthcare innovation and one of London’s largest teaching hospitals, will be using Steriwave as part of a quality improvement initiative pilot focused on preventing hospital-acquired infections (HAIs). The pilot at KCH is due to start later this year.
Comment: Steriwave continues to gather prestige and momentum in all the right places, with KCH as good as it gets. With a premium fundraise already under its belt, one would expect the market to catch up with events.
Gem Diamonds (GEMD) provided a Trading Update detailing the Group’s operational and sales performance from 1 July 2024 to 30 September 2024. 26 617 carats were sold during the Period (Q2 2024: 24 422 carats), generating revenue of US$42.7 million (Q2 2024: US$34.8 million) and achieving an average price of US$1 603 per carat (Q2 2024: US$1 424 per carat).
Comment: It is clear that GEMD is going great guns, with the latest jump in revenues nothing to be sniffed at. The company though, still needs to address the market’s relative aversion to the gems area.
Hochschild Mining (HOC) provided a Production Report for Q3 and the 9 months ended 30 September 2024. Full year guidance maintained after strongest quarterly production in almost 5 years. HOC said Hochschild Mining’s third quarter has been the strongest in almost five years and we expect to meet its full year production target. In Brazil, its new Mara Rosa mine has been steadily ramping up to full production rates in the period and the Inmaculada flagship mine in Peru has continued to deliver the benefits from our continuous improvement programme. Furthermore, given the current strength of its balance sheet, it was able to repay approximately $45 million of debt. With the current metal price momentum along with the forecast strong production in the last quarter, it can look forward to further robust cashflow generation.
Comment: A victory lap update from HOC, and one that mirrors the massive re-rate we have seen in the shares this year. The lay of the land suggests that there is still more to come.
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