Hummingbird (HUM) provided a Group operational and trading update for the third quarter ending 30 September 2023. The company said Yanfolila performed in line with its expectations and with over 69 Koz of gold produced through to the end of September, it is well positioned to comfortably meet our FY-2023 Production and AISC guidance. At Kouroussa, it expected challenges during the six-month ramp up period; however, its plant has exceeded expectations, regularly meeting nameplate capacity in Q3-2023.
Comment: The firmer gold price has already delivered a shot in the arm for HUM, and it is likely that solid performance at Yanfolio and exceeding expectations at Kouroussa should build on this re-rate.
First Class Metals (FCM), the UK listed metals exploration company, announced the granting of two Exploration Permits for the Company’s North Hemlo & Esa Properties located in the Hemlo area of Ontario. The company said with the granting of the Permits for these two key properties it allows FCM to advance the aim to bring its four core properties to drill ready status this year.
Comment: FCM gets the green light as far as exploration is concerned within its key Hemlo asset, and moves nearer to the drill ready status it has been promising by the end of this year.
Poolbeg (POLB), a clinical-stage biopharmaceutical company, announced that its Scientific Advisory Board has endorsed the influenza drug targets identified in its AI-led drug discovery programme. POLB said the endorsement of these prioritised targets generated from its AI-led drug discovery programme by the Scientific Advisory Board validates its approach and strategy going forward. It is committed to improving the world’s access to critically needed treatments, and it believes its use of such innovative technology will play a pivotal role in advancing healthcare solutions.
Comment: POLB continues to underline how much of a leading player it is fundamentally within its space, and of course that the market still does not value it accordingly.
Future Metals NL (FME) announced it has an updated independent JORC Code (2012) MRE for its 100% owned Panton PGM-Ni-Cr Project. The upgraded MRE further establishes the Panton project as the highest grade PGM project in Australia and one of the highest grade undeveloped PGM projects globally. The MRE also includes an estimate for the Panton deposit’s chromite content for the first time, positioning it as one of the only chromite projects in Australia, and one of the few in a top tier jurisdiction. FME said that following recent drilling and interpretation, an improved geological understanding of the Panton PGM deposit has now been incorporated into an upgraded independent MRE. This new MRE clearly highlights the impressive grade of the Reef at Panton. In addition, the High Grade Dunite at the contact of the reef has also been separately modelled for the purposes of more effective underground mine design.
Comment: Shares of FMET have been nudging a little higher of late, and today’s news should provide a further decent boost, given how low in the range the stock still is.
Contango Holdings (CGO), the London listed natural resource development company, noted the share price movement and updated regarding corporate activity and an operational update. The company said it has received a non-binding proposal for the potential acquisition of its assets which may results in the sale of its assets at the subsidiary level. The Proposal is at an early stage with a number of commercial points under discussion, therefore, there is no guarantee that these discussions will lead to a formal offer.
Comment: CGO has “done an Upland” with today’s announcement, something which some in the market clearly sniffed might happen yesterday. However this proceeds it is likely that the market will rate the company rather more positively in future.
Caracal Gold (GCAT), the East African gold producer, announced the completion of Phase 1 of the work program which was to review and update the geological model and mining plan for the Kilimapesa Hill deposit. The company said it looks forward to commencing the Phase 2 program with Minopex and to updating the market on the progress. Phase 2 will provide full understanding of the size of the Kilimapesa Hill resource (increased and updated MRE) and to the Life of Mine plan and project valuation.
Comment: Despite other distractions, we see how GCAT is very much on the front foot operationally, as well as being on the brink of upgrading its MRE, something which is not factored into the current stock market valuation.
CleanTech Lithium (CTL), an exploration and development company advancing sustainable lithium projects in Chile announced that it has entered into a strategic partnership with the University of Atacama in Chile. This is the University’s inaugural agreement with a lithium-focused company. CTL said it was delighted to announce this partnership with the University of Atacama. The partnership is paving the way for a robust and sustainable workforce to produce lithium and will help cement CleanTech Lithium as an industry leader in Chile.
Comment: CTL once again underlines how much it is embedded in Chile with the latest partnership news, and how it is unique in the strategic partnership to help it deliver its sustainable lithium projects.
Haydale Graphene Industries (HAYD) the advanced materials group with nanomaterials, patented plasm functionalisation technology and biomedical ink report commercial progress in the finals to June. Although Financial progress is mixed as revenue improved 43% to £4.3m benefiting from US demand from aerospace and automotive manufactures. Operational losses, however increased to £6.16m from £5.06m. It raised £5m in September at 0.5p to reduce debt and invest in sales and marketing and commercial agreements have been signed with industry partners who can help take products to market. There is a list of exciting prospects of materials in the process of being commercialised in range of sectors, such as aerospace, automotive, medical, sports marine and printing & coatings. There is, however, probably net debt already.
Comment: The struggle with running in so many promising directions is the medium-term possibility of further equity dilution but at 0.425p with a £7.64m Mkt Cap there is speculative potential.