Fiinu (BANK), a fintech group and creator of the Plugin Overdraft®, announced its unaudited half-year results for the six months ended 30 June 2024. BANK said its Plugin Overdraft® platform, which can technically access over 100 million UK bank accounts, remains a core asset. While its intellectual property, documentation, and source code are securely stored, it continues to explore strategic opportunities for white-labelling services and licensing of this unique platform technology.
Comment: With £0.7m one would have thought it would be good if BANK did a deal sooner rather than later. That said, after the Autumn budget most of the country will be looking for a Plugin Overdraft®.
Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals company, announced that a complete Pre-Feasibility Report for the proposed Empire Open-Pit copper, gold, silver mine in Idaho, USA is now available on the Company’s website at http://phoenixcopperlimited.com.PXC said it was well-positioned to purchase additional used equipment for the Empire Open-Pit operation and has selected to incorporate used equipment pricing in its cashflow model, as opposed to NI 43-101’s required new equipment pricing.
Comment: A rather strange share price reaction so far to the very positive PFS news, albeit that the shares have been rising in recent days. It remains the case that the shares remain only at the zone they were before the $80m copper bonds news landed in May, something which appears harsh even by current cruel stock market standards.
Northern Bear (NTBR) A trading update ahead of todays AGM states that trading is in line with expectations and the Interims to September will be released in November. The March 2024 finals showed venue marginally ahead at £68.7m, alongside PBT increasing to £2.2m compared to £1.9m. The EPS improved 1p to 9.5p partly helped by buying back 5m shares at 62p which is 26.7% for cancellation and with the full benefit to EPS will show in March 2025 y/e. After the wet H1 of the current year the outlook is improving at its 12 businesses across its three divisions, Roofing, Materials Handling and Specialist Services. This soggy, organic growth may be helped by Government regulation in Decarbonisation as its customers invest in reducing cardon emissions. The net debt is £2.2m and operations are cashflow positive, a 2p dividend is to be paid and the organic growth is funded.
Comment (Jon Lev): At 56.5p the mkt cap is £7.7m the P/E of 6x and there is a a 3.5% yield this low valuation is likely to be mentioned at 2pm in the AGM.
CleanTech Lithium (CTL), an exploration and development company advancing sustainable lithium projects in Chile, announced it has completed due diligence on the use of industrial forward osmosis (iFO) as an alternative to using a standard thermal evaporator for eluate concentration in its pilot plant conversion stage. iFO provides several benefits to optimise the downstream process to produce battery-grade lithium carbonate.
Comment: While the focus at CTL clearly remains the run up to the forthcoming ASX listing, it can be seen that the company is very much moving forward as far as making DLE, the greenest and cheapest process around.
Jubilee (JLP) announced that Dr Reuel Khoza has agreed to join the Jubilee Board. Dr Khoza is an eminent business leader having held the position as chairman of several blue-chip firms including Nedbank Group Ltd, one of Africa’s largest banking corporations, Public Investment Corporation Ltd, the largest asset management firm in Africa, Eskom Holdings Ltd, the largest power generator in South Africa, and is also a director of the Johannesburg Stock Exchange.
Comment: Given that shares of JLP have not achieved their obvious potential since the spring, a change of management such as we have seen today makes obvious sense. The market still seems quite happy to ignore the strong copper and chrome production the company is achieving. Nevertheless, the company has achieved quite a coup in Dr Khoza has agreed to join the board and certainly boosts JLP’s credibility in southern Africa.
Rome Resources (RMR) advised that Niton XRF portable analyser results taken from core samples collected at its Kalayi prospect located in the North Kivu province in the Democratic Republic of Congo have indicated tin mineralisation in drill holes KBDD005 and KBDD006. Kalayi is part of the Company’s Bisie North Projects, which, also includes the Mont Agoma and Mont Agoma Northwest prospects. RMR said it was extremely encouraged by the results received from the XRF analyser as, although not certified, they represent further confirmation that its licence area contains significant, high-grade tin mineralisation. It continues to progress the drilling programme, with the fourth diamond drill rig currently being mobilised, which will accelerate operations across its identified prospects.
Comment: First rate newsflow from RMR since it came to market, has so far not got the credit it deserves in share price terms. That said, the pace of activity at the company with regard to its prospects suggests that a re-rate cannot be that far off.
EnergyPathways (EPP), a company developing integrated energy solutions, updated regarding its plans to develop its MESH infrastructure project, a large-scale natural gas and green hydrogen storage facility. EPP said it anticipates that energy storage infrastructure will become a major multi-billion pound growth sector to emerge from the UK energy transition landscape as the UK progresses towards increasing wind capacity threefold between now and 2030.
Comment: There has been a subtle change at EPP in terms of shining a light on the company’s notable energy storage prospects via MESH, rather than the gas production from the Irish Sea that the country sorely needs. One wonders why?
Helix Exploration (HEX), the helium exploration and development company focused on helium deposits within the ‘Montana Helium Fairway’, provided an operational update on the Clink #1 well at the Ingomar Dome Project where significant shows of helium and hydrogen gas from the Amsden, Charles, and Flathead sandstone formations have been encountered. HEX said it was delighted to welcome Precision Drilling and make use of the 704 rig to re-enter our Clink #1 borehole. Clink #1 shows excellent prospectivity for helium with gas shows on all its target horizons and, in addition, hydrogen gas shows in the Flathead sandstone formation. It looks forward to keeping the market informed as we re-enter and test the well.
Comment: After the brief rug pull a couple of weeks ago, which was clearly a decent buy the dip opportunity, shares of HEX look comfortable above 20p and ready for the big helium / hydrogen reveal.
Sound Energy (SOU), the transition energy company, announced its unaudited half-year report for the six months ended 30 June 2024. SOU said that the first half of 2024 saw the significant milestone of partnering at Tendrara move closer to fruition. Managem are a substantial company with a strong base in Morocco. They bring financing and in-depth local experience. Sound and Managem are working closely to effect a smooth transition of Operatorship control at Tendrara. Whilst the Phase 1 development has been frustrated by delays, equipment, construction and well work has taken place at Tendrara, and a plan for delivery of LNG sales in 2025 established.
Comment: It would appear that we can see the light at the end of the tunnel for SOU, with the light in question being LNG sales next year. The run up to this could see the stock start to squeeze higher.
Rockfire Resources (ROCK), the base metal, precious metal, and critical mineral exploration company, confirm, further to the announcements made on 16 September 2024, the result of its Fundraise is that it has raised gross proceeds of approximately £0.53 million for the Company.
Comment: The latest fundraise from ROCK has been taken as a kick in the proverbials to shareholders, and one that may be difficult to recover from even though ahead of it such positive noises were made regarding the 500% increase in resource at Molaoi
Ascent Resources (AST), the AIM quoted European and Latin American focused natural resources company reported its interim results for the six months ended 30 June 2024. Post period under review, AST raised US$1 million in new equity from a new strategic investor at a price of 2.3 pence per share, representing a c.43% premium to the closing share price on the day before announcement.
Comment: At least the company managed to raise cash from a strategic investor to keep the dream alive. That said, with the shares are 1.75p (versus 2.3p) they are probably kicking themselves.
Powerhouse Energy Group (PHE), the UK technology company pioneering integrated technology that converts non-recyclable waste into low carbon energy together with a revenue generating engineering consulting division (Engsolve), announced its unaudited half year report for the six months ended 30 June 2024. Gross Profit for period £98.2k (H1 2023: nil). £2.7m cash at bank at 30 June 2024 (30 June 2023: £4.9m).
Comment: With gross profit for the half year amounting to less than Keir Starmer’s £100,000 received in tickets and gifts, PHE still has some way to go to explain to the market exactly what it is doing, and how it can create a scalable, significant business.
SkinBioTherapeutics (SBTX), a life science company focused on skin health, announces that the management received positive feedback from Croda’s Beauty Care division which includes the Sederma team (Croda), based on the final testing of the SkinBiotix™ technology. According to Croda, the additional data will be used to validate efficacy and marketing claims to its customers.
Comment: Small caps are famous for not getting a good deal when dealing with large cap counterparties, who tend to wrap them round their little finger both in timescale and any remuneration. Let’s see if SBTX / CRDA is any different.
KR1 (KR1:AQSE), a digital asset investment company, announced its half year results for the six months ended 30 June 2024. Net assets of £145.2 million, +60.1% on HY23; -25.5% on FY23. NAV per share of 82.01p as at 30 June 2024, +60.4% on HY23; -25.4% on FY23. Income from digital assets of £8.7 million, +123% on HY23.KR1 said that looking ahead, key catalysts that will dictate where crypto assets are heading will be the future outlook on interest rates across the globe as well as the US election outcome, resulting in a potentially more favourable regime for crypto in the US.
Comment: Managing Director George McDonaugh is arguably the only person in the country who is as intelligent as the late Mike Lynch, albeit in a different area of tech. That said, the half year numbers blowing the doors off all the key metrics speak for themselves. One wonders how much attention the company would get if it were on the LSE, rather than just getting the odd supportive comment here on Zaks Traders Café.
Ocado Retail (OCDO), a joint venture between Ocado Group plc (and Marks & Spencer Group (MKS) announced its trading statement for the 13 weeks to 1st September 2024. OCDO said that due to the strong performance in the first three quarters of the year, we are upgrading our full year revenue guidance. There is no change to the EBITDA margin guidance issued on 16 July 2024 with the Ocado Group FY24 Half Year results.
Comment: In February OCDO said it had reduced its annual loss and said it would make a profit at the pretax level in about five or six years. One can’t wait.
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