Technology Minerals (TM1), the UK firm establishing a circular economy for battery metals, announced that it is carrying out a cost reduction programme to enhance efficiencies throughout the business and focus on the Company’s key assets, including its 48.35% held associate, Recyclus Group Ltd. TM1 said cost reduction measures have been identified as part of the Board’s efforts to increase efficiencies and drive productivity throughout every level of the business.
Comment: Jettisoning a director and cost cutting makes sense,but can only go so far. Presumably shareholders are just happy to still be in the game.
hVIVO (HVO) announced that Octopus Investments have raised their stake in the company from 8% to 9.08%.
Comment: Octopus have been a key and significant buyer of HVO shares, something that the recent results underline the rationale for.
PYX Resources (PYX), the world’s third largest publicly listed Premium Zircon producer by Zircon resources, announced its results for the six months ended 30 June 2024. 100% increase in EBITDA to US$22.8k – the Company’s first positive EBITDA since listing. Underlying EBITDA improved 457% to US$732k (2023:US$131k) mainly due to operational efficiency. PYX said even more encouraging is the performance of its underlying EBITDA, which has risen by over 457% to US$732k compared to US$131k in the first half of 2023. This substantial improvement reflects the success of its efforts to optimise production and control costs, positioning PYX for sustainable profitability moving forward.
Comment: PYX is not quite up to BHP Billiton standards yet, but one can appreciate the enthusiasm of going EBITDA positive.
Sovereign Metals (SVML) advised that it has issued 2,326,880 fully paid ordinary shares (Shares) in the capital of the Company, comprising of 1,290,392 Shares issued to Rio Tinto Mining and Exploration Limited (Rio Tinto) and 1,036,488 Shares issued to SCP Resource Finance, as an advisory fee of 3% on the amount of Rio Tinto’s option investment in July 2024. Rio Tinto’s holding in SVML is now up to 19.9%.
Comment: The market remains blind to the elephant in the room which is Rio’s shareholding in SVML. We await a more significant re-rate than we have seen so far in SVML stock.
Premier African Minerals (PREM) updated on the operations at the Zulu Lithium and Tantalum Project. PREM said it remains appreciative of the efforts and input from Enprotec and looks forward to updating shareholders on the results of their test work. Premier is heartened with the outcome of the internal financial review and hasten to add that this still does not make any allowance for any potential revenue derived from Tantalum recovery or any other industrial mineral from the Zulu pegmatite. Premier will run the plant when the laboratory work has been completed and when it has resolved the optimisation issues that have prevented proper production to date. Whilst this has reduced current expenditure, the Company will still need further funding and in particular to recommence production later this month.
Comment: There are apparently more stages to production than nirvana, with the extra barrier the sting in the tail comment that it will only be recommenced if more money is raised. One wonders where the previously raised funds have all gone?
Iofina (IOF), specialists in the exploration and production of iodine and manufacturers of specialty chemical products, announced that the Company’s IO#10 IOsorb® plant is now commissioned. The new plant is undergoing hydro-testing and brine water is flowing through its system. In the coming days, in line with the planned project timings, IO#10 will shortly begin concentrating and isolating iodine, with production set to ramp up over the coming weeks. IOF said IO#10 is another major milestone in its growth plans. The new plant is set to make a material contribution to Iofina’s total crystalline iodine production through the remainder of the year. It continues to advance discussions with its chosen brine water partner for its next plant, IO#11, and will make a further update on this soon.
Comment: Great management, great business, but under the radar, the latter not ideal, and may explain why the shares remain in the lower half of their trading range.
Graft Polymer (GPL), an innovative biotechnology company focused on co-developing therapeutics for mental health disorders, announced its unaudited interim results for the six months to 30 June 2024. GPL said it was confident that the strategic steps taken since its appointment positions Graft Polymer as an innovative biotechnology company focused on developing IP relating to the treatment of mental health and substance use disorders, and the co-development of therapeutics for mental health disorders.
Comment: GPL has lost the sizzle it had in the market in the summer, which is all the more disappointing as sizzle is so hard to attain in the first place.
Author
