Yesterday Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold mining company, announced that the investor session, which was provided by Christian Schaffalitzky, Executive Chairman, was available to view at: https://www.youtube.com/watch?v=-ieIGBijJvU.
Comment: It is a brave man that steps into the amphitheatre to wax lyrical about a company whose fortunes tie in so closely with Russia / Ukraine. But perhaps the bigger picture that EUA is seen as being a Trump Trade, is the dominant theme in the near term.
Oak Securities issued an initiation note with a 63.3p share price target (27p) on new IPO Pulsar Helium (PLSR). Oak said PLSR has raised £5m gross from its fund raise and subsequent listing on London’s AIM. This gives management sufficient funds to deepen the Jetstream-1 well and drill the Jetstream-2 appraisal well on the Topaz prospect. These wells have the ability to add significant additional resources and increase the certainty over this exciting helium discovery. This programme could add significant shareholder value. With this note it is initiating coverage with a target price of 63.3p. Link to note: PulsarOak
Comment: Given that shares of PLSR were trading in Canada at some three times the equivalent of where they are now in the wake of the initial Topaz discovery in February, one can say that the 63.3p target from Oak Securities is actually quite modest.
Alkemy Capital Investments (ALK) updated on its wholly-owned subsidiary Tees Valley Lithium. ABG Sundal Collier ASA will be engaged as TVL’s exclusive financial advisor for a proposed US$25 million Convertible Bond and equity linked financing.
Comment: Clearly, judging by the share price of late the market, as it usually does, had given up on ALK getting its funding. This will make the rebound in the stock off the back of today’s news all the more powerful. Another of those “oh ye of little faith” situations which the London market usually gets wrong.
Helix Exploration (HEX), the exploration and development company focused on helium and hydrogen deposits within the ‘Montana Helium Fairway’, is pleased to provide an operational update on the Clink #1 well at the Ingomar Dome Project. HEX said with Clink #1 cased and target reservoirs safely behind pipe, it was delighted to be moving on to the testing phase of the operation. The initial findings in the Amsden, Charles, and Flathead formations look very encouraging, and it was optimistic about the potential that these formations hold. It looked forward to updating the market with first gas to surface.”
Comment: Shares of HEX have strengthened of late as the market looks forward to first gas, with today’s news a clear pre-discovery RNS.
boohoo Group (BOO), an online fashion group, confirmed that it has received letters and accompanying notices dated 23 October 2024 from HSBC Client Holdings Nominee (UK) Ltd. on behalf of Frasers Group plc, seeking, as a holder of approximately 27% of the voting rights of the Company, to requisition an extraordinary general meeting of the Company. The Requisitions propose to appoint Mike Ashley and Mike Lennon as directors of the Company and to remove John Lyttle as a director of the Company. They also propose to appoint Mike Ashley as Chief Executive Officer, should he be appointed as a director.
Comment: At first glance if Mike Ashley and anyone with the name Lennon (alas not John) wants to gain control of one’s company, one would welcome them with open arms.
Avacta Therapeutics (AVCT), a life sciences company developing next generation peptide drug conjugates (PDC) targeting powerful anti-tumor payloads directly to the tumor, announced scientific presentations of two novel programs in its pipeline at the 2024 EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics in Barcelona, Spain. The presentations include data from two preclinical oncology assets, AVA6103 and AVA7100, from Avacta’s pipeline of pre|CISION® product candidates. AVCT said it was encouraged by the preclinical data from AVA6103 demonstrating that FAP-enabled exatecan induces DNA damage and drives cancer cell death and looks forward to advancing this promising therapy toward the clinic. The preliminary data from AVA7100 demonstrating that exposure to Affimer® Drug Conjugates (AffDCs) results in drug cleavage, release of the payload and tumor cell kill as a bystander function are exciting for this entirely new class of therapies.
Comment: We all love those peptide drug conjugates, hitting those tumours right between the eyes. It is interesting that I have been informed a big win with AVCT’s treatment is that patients have significantly less side effects than conventional treatment.
Empire Metals Limited (EEE), the AIM-quoted resource exploration and development company, announced that the diamond core drilling programme at the Pitfield Project, located in Western Australia, has been completed, identifying new extensive, thick zones of strongly weathered “saprolite” cap. Samples will be used primarily for metallurgical testwork and flowsheet development as well as informing the plans for further diamond core and reverse circulation drilling aimed at defining a maiden Mineral Resource Estimate in 2025. EEE said it was pleased to provide an update on what has been an extraordinarily successful diamond drill campaign. Core logging has confirmed the extensive depth of weathering, well over 60 metres from surface in the zones targeted, where its geoscientists had predicted they would be based on the previous drill sample logging and geochemical assay results.
Comment: Shares of EEE have become far less volatile in recent months, something which is perhaps at odds with the momentum the company is achieving on the ground. By rights the stock should be dragged higher as the MRE reveal comes into view.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, announced the results of rock chip sampling and trenching activities completed at the Lolworth Project, Queensland, focusing on gold and base metals exploration. ECR also provides an interim update in relation to the diamond drilling programme at its Tambo Gold Project in Victoria. ECR said these rock chip and trenching results from Lolworth further validate the significant potential that the Board sees in this substantial acreage Project. Not only was it uncovering gold, but it was now seeing significant traces of silver.
Comment: ECR’s hair shirt approach on the spending front, and regular significant newsflow such as today’s has moved the dial in terms of the share price. But it is still the case that the stock should really be on the right side of 0.4p.
ADVFN (AFN) provided an update on the current development of the ADVFN investor platform. As reported earlier this year, the Company has been making a number of enhancements to the Platform, in line with ADVFN’s strategic aim to position the Company as a cutting-edge technology company within the financial space and expected that the Company’s new mobile app would be scheduled for release by the end of Q3 this year. AFN said it expects to publish the audited results for the year ended June 2024 towards the end of November. Trading in the second half to June 2024 remained in line with trading in the first half. In the current year, there has been no uplift in trading and the results for the quarter ended September 2024 are broadly in line with the comparable period in 2023. General market conditions remain depressed by among other factors, uncertainty around the imminent US election, and in the UK, the uncertainty ahead of the new Government’s budget.
Comment: AFN has done plenty of re-jigging via its new management. But it is literally looking for a new killer app to boost revenues, something which is not easy to do in current stock market conditions, and with all the competition.
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